- (1.) THE respondent assessee is carrying out business of banking and providing credit facility to its members. The assessee while filing return of income on 29.9.2008 declared no taxable income. A revised return was subsequently filed on 25.11.2009 showing taxable income of Rs. 93,13,296/ -. Suffice to mention that in the original return dated 29.9.2008 the assessee claimed deduction of Rs. 93,13,296/ - as per provisions of Section 80 -P(2)(d) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961').
(2.) THE Assessing Officer by a notice, as per provisions of Section 271(1)(c) of the Act of 1961, dated 5.12.2011 called upon the assessee respondent to explain as to why penalty be not imposed upon it for concealment of particulars of income for the assessment year 2008 -09.
(3.) THE assessee responded the notice with assertion that it disclosed full particulars of the income and did not conceal any particulars of income, as such no action as per Section 271(1)(c) of the Act of 1961 was desirable. The Assessing Officer under the order of assessment dated 20.6.2012 imposed a penalty upon the assessee respondent. A challenge to the same was given by the assessee respondent by way of filing an appeal before the Commissioner of Income Tax (Appeals), Udaipur that came to be accepted vide the order dated 11.1.2011. Learned Commissioner of Income Tax (Appeals), Udaipur while cancelling the penalty arrived at the conclusion that the claim of deduction under Section 80 -P(2)(d) of the Act of 1961 was not with any ulterior motive, hence a revised return was filed, as such, the action of the assessee does not fall in the category of concealment or furnishing inaccurate income. An appeal preferred by the revenue before the Income Tax Appellate Tribunal also came to be dismissed by judgment dated 21.1.2013.;