Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 42 - AT - Income TaxLevy of penalty u/s. 271 AAA - income surrendered in search and seizure operation u/s. 132 (1) - voluntary disclosures - AO levied penalty being 10% of the surrendered income on the ground that assessee could not substantiate the manner in which the undisclosed income has been earned - CIT-A accepted the contention of the assessee regarding the substantiation of income but upheld penalty on ground of non payment of the taxes due in respect of the undisclosed income in this case in due time - HELD THAT:- The revenue is not in appeal against the above findings of the CIT(A) and therefore, the reason for which the Assessing Officer has levied penalty does not survive. The observation of the CIT(A) that assessee has not paid the taxes in respect of undisclosed income in due time is concerned, we find from the copy of Form No. 26AS that the assessee has deposited the tax due there on 04.01.2010. DR also fairly conceded that the amount has been paid on 04.01.2010 which is much prior to the filing of the return of income as per the entry in Form No.26AS. Merit in the submission of the assessee that penalty u/s. 271 AAA cannot be levied in the instant case since the assessee has paid the taxes due on the surrendered income much prior to the filing of the return of the income. We, therefore, set aside the order of the CIT(A) and direct the AO to cancel the penalty so levied u/s 271AAA. If the revenue at any point of time finds that the assessee has not deposited the taxes due before the due date then the revenue is at liberty to move appropriate application for recalling of this order as per law. - Decided in favour of assessee.
|