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2015 (10) TMI 2010 - AT - Income TaxPenalty u/s 158BFA(2) - sale consideration received in cash, over and above the consideration stated in the sale deed - Held that:- Where the addition was made on the basis of estimation of investment in property, the Tribunal held that in the absence of any evidence found in the course of search that the assessee had incurred any unaccounted expenditure on construction of the said property, there was no merit in levy of penalty under section 158BFA(2) of the Act. As pointed out evidence of sale consideration received in cash, over and above the consideration stated in the sale deed in respect of property sold by the assessee, was found during the course of search of the person who had purchased the property of the assessee. In view of direct evidence of a transaction entered into by the assessee with the purchaser, though not found from the premises of the assessee, but from the premises of the purchaser, during the search operations and also in view of the admission of the partners of searched person and their cross-examination by the assessee, where complete evidence has been found against the assessee on the basis of which addition of undisclosed income has been made in the hands of assessee, we find no merit in the reliance placed upon by the learned Authorized Representative for the assessee. Accordingly, setting-aside the order of CIT(A), we direct the Assessing Officer to levy penalty under section 158BFA(2) of the Act on differential income of ₹ 17,22,500/-. The grounds of appeal raised by the Revenue are thus, allowed. - Decided against assessee.
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