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2019 (4) TMI 615 - AT - Income TaxPenalty u/s 271(1)(c) r.w. Explanation 5A - search u/s 132 - undisclosed income declared in response to the notice u/s 153A - Whether assets found in the possession of the assessee, such as money, bullion, jewellery during the search representing undisclosed income - HELD THAT:- AO has not made reference to any material found during the course of search which can suggest that additional incomes declared by the assessee are representing any money, bullion, jewellery or impounded any diary. It cannot be construed that some assets were found during the course of search representing that income which has been declared by the appellants. Revenue cannot assume existence of seized material by holding that had the search not carried out, assessee would have not disclosed this income in response to section 153A notice. In respect of this assumption, there should be recovery of some assets, such money, bullion, jewellery or diary. No such things have been referred in these cases. Therefore, we allow all these appeals and deleted all the penalties impugned in these appeals. - Decided in favour of assessee.
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