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2018 (10) TMI 371 - HC - Income TaxLevy of penalty u/s 158BFA(2) - computation of the undisclosed income for the purpose of invoking the Second Proviso to Section 158BFA - Held that:- We find that more than 19 hearings took place before the assessment was drawn. It may not be necessary for this Court to refer to all the statements, which were recorded and the materials, which were called for and placed before the Assessing Officer but, it would suffice to state that there are abundant references in the assessment order to show as to how the undisclosed income was computed. On facts, the Assessing Officer clearly recorded the finding that the undisclosed income has been properly computed based on the seized materials as well as the details furnished by the assessee. The assessee seeks to dispute the fixation by contending that the fixation is based on the letter given by the assessee, which according to the assessee is voluntary. The first appellate authority has considered the issue independently, especially the contention now put forth before us and noted that the undisclosed income has been properly computed. The Tribunal also has examined the factual position and noted the particulars of the undisclosed income and then rendered a finding confirming the orders passed by the first appellate authority and the Assessing Officer. Thus, we find that the three authorities have concurrently appreciated and re-appreciated the factual position and held that the undisclosed income has been determined based on the documents and other materials and information available at the time of search. For the above reasons, the assessee has not made out any case for interfering with the order passed by the Tribunal. - Decided against assessee.
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