TMI Blog2015 (6) TMI 1060X X X X Extracts X X X X X X X X Extracts X X X X ..... on record to controvert the findings of ld. CIT(A). Considering the aforesaid facts, we are of the view that ld. CIT(A) has rightly deleted the penalty and therefore we find no reason to interfere with the order of ld. CIT(A) and thus this ground of Revenue is dismissed. - Decided in favour of assessee. - I.T. A. No. 1615/AHD/2011 - - - Dated:- 5-6-2015 - SHRI SHAILENDRA Kr. YADAV, J.M. SHRI ANIL CHATURVEDI, A.M.) For the Appellant : Smt. Sonia Kumar, Sr. D.R. For the Respondent : Shri K.K. Shah, A.R. ORDER PER ANIL CHATURVEDI, ACCOUNTANT MEMBER. 1. The present appeal is against the order of CIT (A)-II, Ahmedabad dated 01- 04-2011 for the assessment year 2008-09 whereby the penalty of ₹ 1,50,,00,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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. The appellant has categorically stated in Q/ A. No. 46 of the statement on 15.02.2008 u/s. 132 (4) of the Act, that the income so disclosed is earned out of on money booking of Ashirwad Residency Project.. Thus the appellant, had disclosed the amount in the statement u/s. 132 (4) of the Act during the search proceedings which is the main requirement of the provisions and also gave the manner of earning. The appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the A.O. in-principle accepted the disclosure in substance and the method of earning that income, which has been further projected by the A.O. in making further addition of ₹ 1,01,67,720/-, which suggests that the requirement of provisions of section 271AAA(2) has been duly fulfilled by the appellant. Accordingly the case of the appellant falls under the exclusions provisions of section 271AAA(2) of the Act. No bullion, jewellery or other valuable articles or things (other than cash seized of ₹ 10/- lacs) was found and, therefore, the disclosure of income ought not to be treated as undisclosed income as defined in the explanation of 271AAA of the Act. Had there been any money, bullion or jewellery found during the search, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e issue in the present case is with respect to levy of penalty u/s. 271AAA. We find that ld. 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 ₹ 15 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 accepted the disclosure and the method of earning the income. Before us, Revenue has not brought any material on record to controvert the findings of ld. CIT(A). Considering the aforesaid facts, we are of the view that ld. CIT(A) has rightly deleted the penalty and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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