Dismissing the appeal of the revenue the Court held that , the three returns had been filed even before issuance of notice u/s.153C and in other two cases as accepted by the AO the Assessee had no taxable income. There was no addition to the declared income in any of the years, penalty was correctly deleted, Explanation 5A r.w.s.271 of the Act not applicable in searched person case. (ITA No. 897 of 2016, dt.08/01/2019) (AY. 2005 -06 , 2006 -07)
PCIT v. Rajkumar Gulab Badgujar (2019) 111 taxmann.com 256 (Bom)(HC) Editorial: SLP of revenue is dismissed (SLP No.17514 of 2019 dt.08/07/2019)(2019) 416 ITR 134 (St.)(SC)/ (2019) 267 Taxman 488 (SC)
S.271(1)(c): Penalty -Concealment -Search – There was no addition to the declared income in any of the years- Deletion of penalty is held to be justified [ S.132 , 153C ]