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TMI Blog2014 (6) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... le-1 had imposed penalty of Rs. 2,33,080/- and Rs. 1,73,444/- respectively. Therefore, for the sake of convenience and brevity, we are proceeding to decide them by a common order. 2. Briefly stated, the facts of the case are that search and seizure operations were carried out on 14.12.2006 at the business and residential premises of the assessee's group. On the basis of incriminating evidence gathered during the search operations, notice u/s 153A of the Act was issued on 19.11.2007, which was complied with by the assessee by filing return of income [ROI] on 31.03.2008 declaring income of Rs 38,62,340/-. Assessment was framed u/s 153A /143(3) of the Act at total income of Rs. 35,54,100/-. Penalty proceedings u/s 271(1)(c) of the Act was ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in shares. This undisclosed income pertains to A.Y. 2006-07. The break-up of this undisclosed income in various persons hands is as under:- Sl. No. Name of the assessee Undisclosed income represented by investment in shares Remarks 1 Shri Sunil Lunawat Rs. 6,54,028/- Offered for taxation in the case of Shri Sunil Lunawat 2 Smt. Vijayshree Lunawat Rs. 6,50,925/- Offered for taxation in the case of Smt. Vijayshree Lunawat 3 Shri Pradeep Lunawat Rs. 6,53,478/- Offered for taxation in the case of Shri Pradeep Lunawat 4 Shri Mangilal Lunawat Rs. 6,50,224/- Offered for taxation in the case of Shri Mangilal Lunawat 5 Smt. Anushree Lunawat Rs. 6,51,426/- Offered for taxation in the case of Smt. Anushree Lunawat 6 Smt. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of- (i) any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilizing (wholly or in part) his income for any previous year; or (ii) any income based on any entry in any books of account or other documents or transactions and he claims that such entry in the books of account or other documents or transactions represents his income (wholly or in part) for any previous year, which has ended before the date of search and,- (a) where the return of income for such previous year has been furnished b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount maintained regularly during the course of business or when he makes a declaration in his statement u/s 132(4) of the Act that money etc found in his possession or under his control was acquired out of his income which has not been disclosed in his ROI to be furnished before the expiry of time specified in section 139(1) and specifies the manner in which the said income has been derived and pays due tax thereon together with interest in respect of such income. The Hon'ble Jurisdictional High Court has considered all these aspects in the case of Kanhiayalal Saruparia [supra]. Therefore, in the facts and circumstances of the case, in view of the judgment of the Hon'ble Rajasthan High Court, a penalty u/s 271(1)(c) of the Act can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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