2002 (12) TMI 192

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....r the asst. yr. 1993-94. The only one ground has been raised by the assessee in this appeal, i.e., the learned CIT(A) has erred in confirming the order of the ITO, Ward-1(6), Surat, levying penalty of Rs. 80,640 under s. 271(1)(c) of the IT Act, 1961. 2. The learned counsel for the assessee has submitted that the assessee is around 70 years old man and he has filed the return of income on 5th N....

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....dvance tax as per disclosed income. Moreover, the learned counsel submitted that the assessee in his written reply to the CIT has submitted the detailed reasons for not paying the tax in advance and he has also submitted that no enquiry was made by the AO on the date regarding credit entry of Rs. 90,000 in the capital account of the assessee. The hearing was not over on 9th Aug., 1994 and it was a....

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....,000 and he has paid the tax on disclosed income of Rs. 90,000 before finalising the assessment. Therefore, we are of the view that if the revised return is accepted then it is a duty of the AO to make a deep enquiry relating to his concealment of income of Rs. 90,000. We have gone through the penalty order in which the AO has not made any detailed enquiry, but he has simply stated that the assess....

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....bsolves an assessee from the levy of penalty under s. 271(1)(c) of the IT Act, 1961, has to be determined on the facts and in the circumstances of each case. If there is material to hold that the filing of a revised return was only a camouflage to overcome an omission deliberately made in the original return, penalty for concealment of income would be attracted. On the other hand, if the revision ....