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Hemant Kumar Versus ACIT Central Circle-18 & 19 Mumbai

2016 (7) TMI 1008 - ITAT MUMBAI

Penalty proceedings u/s. 271AAA - AO brought to tax the seized cash as income from undisclosed sources - Held that:- In the case of Concrete Developers (2013 (11) TMI 1326 - ITAT NAGPUR) the Tribunal has held that where the assessee had disclosed certain amount during the course of search and had paid taxes thereon, filed return showing said income as business income and same had been accepted by the AO under the head ‘business income’, penalty u/s. 271 AAA was not leviable. In the case of Pramo .....

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(2008 (2) TMI 32 - GUJARAT HIGH COURT ) support the view taken by the Tribunal in the above mentioned cases. So, reversing the order of the FAA, we decide effective ground of appeal in favour of the assessee . - ITA/745/Mum/2015 - Dated:- 19-7-2016 - Shri Rajendra, Accountant Member And C. N. Prasad, Judicial Member For the Revenue : Shri N. Sathya Moorthy-DR For the Assessee : Shri Rajesh Shah ORDER Per Rajendra, AM Challenging the order, dated 17/12/2014, of the CIT(A)-51, Mumbai, the assesse .....

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he seized cash as income from undisclosed sources holding that the assessee had failed to explain the sources of income of seized cash. He also initiated penalty proceedings u/s. 271AAA of the Act. 2. In the course of penalty proceedings, before the AO, the assessee argued that cash seized represented his professional income for the year under consideration, that same had been kept in the locker for safety purposes. However the AO did not consider the said explanation is tenable. He held that ne .....

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Appellate Authority(FAA). Before him, it was contended that in the statement recorded u/s. 132(4), on 20/12/2010, the assessee had stated that the cash found in the lockers represented his income, that in response to question 4 of the statement, he had stated that income/cash was from his professional knowledge and it had no connection with any of the fund of Ispat group, that at the time of the search proceedings the assessee was not working with the group as he had left the job and had starte .....

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assessee was specifically asked to give details such as to whom consultancy/ advocacy services were provided and the details of remuneration received, that the assessee showed his inability to give the required details, that all the conditions were clearly for escaping the rigours of penalty which had been cumulatively satisfied, that the assessee had not complied with all the conditions as stipulated in subsection (2)of section 271 AAA. Finally, he upheld the order of the AO. 4. Before us, the .....

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at Singal(37taxmann. com189) and Concrete Developers (34taxmann. com62). Departmental Representative(DR) supported the order of the FAA. 5. We have heard the rival submissions and perused the material before us. We find that cash of ₹ 54. lakhs was seized from the assessee, that he admitted that it represented his unaccounted professional receipts, that he had paid due taxes on the undisclosed income, that the FAA had confirmed the penalty as he was of the opinion that the assessee had not .....

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