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Penalty levied deleted as assessee filed its income voluntarily & paid taxes.
Penalty levied deleted as assessee filed its income voluntarily & paid taxes.
Search & Seizure conducted at premises of assessee. AO issued notice u/s 153 of Act. Assessee filed total income. AO levied penalty on ground, assessee failed to file income details/source of Income. On appeal CIT(A) deleted penalty. On appeal ITAT held, due date of filing return of income u/s 139(1) was not expired at time of search & assessee filed return in response to notice u/s 153A. Assessee filed its income voluntarily & paid taxes also.-500502
Facts in Brief:
1. Search and seizure operation under section 132 of the Act was conducted on the business and residential premises of the assessee.
2. In consequence, Assessing Officer issued notice under section 153A of the Act and the assessee filed return of income disclosing total income at Rs.28,37,778/- .
3. AO after completing assessment initiated the penalty proceedings under section 271(1)(c) & thereby levied the penalty for the reason that the assessee failed to file details and source of other incomes so declared in the return of income.
4. On appeal, CIT(Appeals), deleted the penalty.
On appeal ITAT held,
5. Court found, search was conducted on the business and residential premises of the assessee on 04.09.2006 and the relevant assessment year involved is 2006-07. The return in response to search was filed by the assessee on 24.11.2008 disclosing total income at Rs.28,37,778/-.
6. Court found from the case records that due date of filing of the return of income under section 139(1) was not expired at the time of search and the assessee filed return in response to notice under section 153A of the Act.
7. We find from the facts of the case that the ld. CIT(Appeals) has categorically recorded the finding that the Assessing Officer has not detected anything, on the basis of which the undisclosed income was assessed, i.e. the undisclosed asset or incriminating documents found during the course of search, which proves that there is I . T. A . N o. : 1 1 2 1 / KO L / 2 0 1 1 Assessment year : 2006-2007 concealment of income by the assessee. The assessee has filed its income voluntarily and paid taxes also. We find no infirmity in the order of ld. CIT(Appeals). Hence, the same is confirmed.
8. In the result, the appeal of the Revenue is dismissed.
