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2015 (10) TMI 1607 - ITAT AHMEDABAD

2015 (10) TMI 1607 - ITAT AHMEDABAD - TMI - Penalty u/s. 271AAA - CIT(A) deleted penalty levy - Held that:- CIT(A) while deleting the penalty has noted that Assessee had disclosed the amount in the statement made u/s. 132(4), has substantiated the undisclosed income by quantifying the amount of ₹ 25 crore and thus the requirement of specifying the manner for which the income has been earned has been complied by the Assessee. He has further given a finding that the A.O in principle has acce .....

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, AM,JJ. For the Appellant : Smt Sonia Kumar, Sr. DR For the Respondent : Shri S B Vaidya, AR ORDER Per: Anil Chaturvedi: 1. The present appeal filed by the Revenue is against the order of CIT (A)-II, Ahmedabad dated 01-04-2011 for the assessment year 2008-09 whereby the penalty of ₹ 2,50,00,000/- levied u/s. 271AAA by the A.O. was deleted by CIT (A). 2. The relevant facts as culled out from the material on record are as under:- 3. Assessee is a partnership firm stated to be engaged in the .....

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e at the time of search. Thereafter assessment was framed u/s. 143(3) r.w.s. 153A vide order dated 31.12.2009 and the total income was determined at ₹ 31,55,51,660/-. On the undisclosed income of ₹ 25 crore that was offered by Assessee, A.O vide penalty order dated 29.06.2010 levied penalty of ₹ 2,50,00,000/- u/s. 271AAA of the Act mainly for the reason that according to A.O in the statement given by Assessee u/s. 132(4), Assessee had not given particulars of unaccounted income .....

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duced as under:- (i) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived; (ii) Substantiates the manner in which the undisclosed income was derived and (iii) Pays the tax, together with interest, if any, in respect of the undisclosed income. Clause (i) lays down the first condition that undisclosed income should have been admitted by. assessee in the statement u/s. 132(4) an .....

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d, so condition in clause (i) is satisfied. The assessee in the statement recorded u/s. 132(4) disclosed ₹ 25 crores on account of net income from on-money receipts so assessee specified the manner in' which ₹ 25 crores was earned being understatement of income earned from receipts on sale of flats in the form on money. Clause (ii) lays down the second condition that assessee should substantiate the manner in which undisclosed income has been derived. In the assessment order, the .....

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es. The estimation of NP of ₹ 25,94,65,000/- is itself based on on-money receipts supported by the evidences mentioned by Assessing Officer in assessment order. Assessing officer himself at Pg.10 of the penalty order has given references to various incriminating evidences documents and transactions in support of receipt of on-money by assessee. So the manner in which income of ₹ 25 crores has been earned and disclosed is proved by incriminating documents found during the search and r .....

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lf stated in Point 3 of table at Page no.8 of the order dated that assessee has fulfilled the third condition. The Assessing Officer has computed undisclosed income on the basis of evidences referred in the assessment order and on the other hand in the penalty order he contends that there is no evidence available in support of the manner of earning the income by way of on-money receipts which is contradictory. Assessee can be considered to have discharged the onus of substantiating the manner of .....

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