Law:

Section:

Section 273A of the Income-tax Act, 1961 - Penalty - For reduction of waiver of - Assessment year 1995-96 Where petitioner had not filed any revised return for assessment year 1995-96 in respect of which application under section 273A was filed, but had filed revised returns for assessment years 1992-93 to 1994-95 on survey, rejection of application for assessment year 1995-96 on ground that petitioner had revised returns only after survey and special audit and had thus, not disclosed his income voluntarily and in good faith was not legally justified [Case remanded] There was a survey of the business premises of the petitioner under section 133A on 6-10-1994, and pursuant to the survey, the petitioner filed revised returns of income for the assessment years 1992-93, 1993-94 and 1994-95. Thereafter, the petitioner also filed a return for the assessment year 1995-96 on 31-10-1995. The Assessing Officer made an addition under the head of unaccounted income from sales outside the books in the assessment order and initiated penalty proceedings under section 271(1)(c) for concealment of income and thereafter imposed penalty. The petitioner, thereafter, filed an application under section 273A before the Commissioner for waiver of the penalty but the Commissioner rejected the application after holding that returns of income of the petitioner had been upwardly revised by the assessee only after survey and special audit and, hence, the revised return filed by the petitioner could not be said to be voluntary and in good faith. Held that, there was no merit in the revenue's submission that the court should not entertain this petition under article 226/227 of the Constitution of India because a remedy of appeal was available to the petitioner against the order of penalty imposed under section 271(1)(c). Since petitioner had not filed any revised return for the assessment year 1995-96 in respect of which the application under section 273A was filed, but had filed revised returns for the assessment years 1992-93 to 1994-95 on survey, the rejection of the application for assessment year 1995-96 on the ground that the petitioner had revised the returns only after the survey and…

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