Case Law Details
Brief of the Case
ITAT Mumbai held In the case of Ami Estates Pvt. Ltd. vs. DCIT that the assessee has explained one to one nexus namely cash funds received from sale of Bangalore property, and its utilization for Pune property. The revised declaration of income so filed by the assessee was bonafide and voluntary and without detection of any irregularities found by the department. The return was revised with a view to co-operate the department and to buy peace and to avoid litigation. The disclosure was with a specific plea that no penalty proceedings be initiated u/s.271AAA or 271(1) (c). Considering the totality of facts and circumstances as discussed above, we do not find any merit in the penalty imposed u/s.271(1)(c).
Facts of the Case
The assessee company is engaged in the business of construction, development and leasing of properties residential as well as commercial. The assessee had filed original return of income on 28.10.2007 showing total income of Rs. Nil. The search & Survey Operations u/s.132 (1) and 133A was conducted in the cases of M/s. Pooja Exports and its group concerns. Notice u/s 153C dated 29.9.2010 was issued. In response to this notice, the assessee filed the return of income on 28.10.2010 declaring total income of Rs. Nil, Subsequently the assessee also filed revised return of income on 21.12.2011 declaring the total income at 2,59,75,000/- to buy peace and on condition of no penalty. An assessment order U/s 143(3) r.w.s. 153C was passed on 28.12.2011 determining the total income at Rs. 2,59,75,000/-. There were no changes in the returned income as revised by assessee.
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