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The Deputy Commissioner of Income Tax, Central Circle-1, Surat Versus M/s. Ashirwad Corporation

Penalty u/s. 271AAA - as during the search assessee disclosed unaccounted income from “on money” - 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 ₹ 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 a .....

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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/- 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 stat .....

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r the Assessment was framed u/s. 143(3) r.w.s. 153A on 31.12.2009 and the total income was determined at ₹ 16,57,09,030/-. On the undisclosed income of ₹ 15 crore, A.O vide penalty order dated 29,06,2010 levied penalty of ₹ 1,50,00,000/- u/s. 271AAA of the Act. Aggrieved by the penalty order of A.O., Assessee carried the matter before CIT(A) who vide order dated 01.04.2011 deleted the penalty by holding as under:- 4.I have considered the facts and the submissions. I agree with .....

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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 .....

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has also admitted "on money" booking in his Q/A. No. 36 & 37 on his statement on 15.02.2008 u/s. 132 (4) of the Act. Even the findings by the learned DCIT on page 4-5 and 19 of the assessment order further justify the manner of earning as well as sustaining thereof. The A.O. himself has calculated the "on money" on the basis of certain seized records and further estimated 16 % net profit on such on money (which was reduced to 15 %) and the same amount was offered for the .....

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earned and substantiating the said fact both has been complied by the appellant. Even 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 .....

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ner of earning this income and substantiate the same. But here it is not the case. Here, the evidence has been found that income is earned from the business of construction and charging on money on this sale of flats and the appellant is also accepting the fact and offered the said income and specified the same manner and it gets substantiated by the incriminating documents found during the search itself. The Assessing Officer has not found any other source of income apart from this. Hence, the .....

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