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2013 (5) TMI 280 - AT - Income TaxSales made outside the books of accounts - penalty u/s 271AAA - disclosure of Rs.20 crores by the Group in the statement recorded u/s 132(4)during the search operation - Held that:- The taxes had been paid along with the interest in all these individual hands. Since a statement was given during the course of search u/s 132 admitting the undisclosed income of Rs.20 crores of the Group, the quantum of disclosure of income was affirmed by an affidavit by other person of the Group. The manner was also stated in the statement by which sun income was earned. Thus the Group has also substantiated the manner in which this undisclosed income was derived. In the statement recorded u/s 132(4) and in an affidavit dated 15.05.2009, the disclosure was maintained. The assessees of the Group have also paid the taxes applicable along with interest. In such a situation, the CIT (A) was not justified in sustaining the penalty u/s 271(1)(c) levied by the Assessing Officer. Considering all these facts and circumstances, we set aside the orders of the authorities below and direct to delete the penalty u/s 271AAA. In favour of assessee.
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