TMI Blog2003 (1) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... unt, cash, stock, jewellery or other valuable article or thing which is found in his possession or control and the assessee admits in his statement that such income was acquired income or was acquired with the undisclosed income and pays the tax, together with interest if any on the said amount, he is granted an immunity for levy of penalty under section 271(1)(c) of the Act. - - - - - Dated:- 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In his statement, recorded under section 132(4) of the Act, the said Sudesh Chhabra stated that the diary reflected unaccounted transaction in respect of Chhabra Emporium, the respondent herein, Chhabra Trading Co., Chhabra Saree Sadan and Chhabra Silk and Saree, for the assessment year 1991-92. He accordingly made a disclosure of Rs. 30,00,000 on account of unexplained stocks in different firms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount alleged to have been concealed, was imposed on the assessee. Aggrieved, the assessee preferred appeal to the Commissioner (Appeals), who as noticed, had deleted the same, inter alia, on the ground that the case of the assessee was covered under the provisions of section 271(1)(c), read with Explanation 5 in sub-clause (2). The Revenue carried the matter in further appeal to the Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (4) of section 132 in respect of any amount, cash, stock, jewellery or other valuable article or thing which is found in his possession or control and the assessee admits in his statement that such income was acquired income or was acquired with the undisclosed income and pays the tax, together with interest if any on the said amount, he is granted an immunity for levy of penalty under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
