COMMISSIONER OF INCOME TAX Vs. PRASANNA DUGAR

JUDGEMENT

(1.) The appeal is directed against an order dated April 30, 2014, by which the learned Tribunal allowed an appeal preferred by the assessee challenging an order passed by the Commissioner of Income-tax (Appeals) affirming the order of penalty passed under section 271(1)(c) of the Income-tax Act, 1961. Aggrieved by the order of the Tribunal, the Revenue has come up in appeal. After hearing the learned counsel for both the parties, it appears that the undisputed facts are as follows:

(2.) A search was conducted on February 3, 2009. During the search, the assessee disclosed certain facts which have been recorded in the order of the appellate authority, which reads as follows:

(3.) On the basis of the disclosure, the assessee filed a return on March 31, 2010, offering a sum of Rs. 70,00,000 for taxation earned during the assessment year 2008-09. It is not in dispute that for the assessment year 2008-09, the assessee had earlier filed his return in which the aforesaid sum of Rs. 70,00,000 was not disclosed. The case of the assessee, as such, came squarely within the provision of section 271(1)(c) of the Income-tax Act.