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TMI Blog2018 (1) TMI 1310X X X X Extracts X X X X X X X X Extracts X X X X ..... n confirming the decision of CIT (A) deleting the penalty of Rs. 92,70,000/levied under Section 27(1)(c) of the Income Tax Act by the Assessing Officer?" 2. In the present case, the search and seizure proceedings under section 132 of the Income Tax Act, 1961 (hereinafter referred to as "the Act") was carried out at the residential premises of Shri Vipulbhai Ravjibhai Kathirya and Shri Ravjibhai Haribhai Kathiriya, partners of the assessee firm on 06.01.2011. During the course of search proceedings, the statements of the partner Shri Vipulbhai Ravjibhai Kathirya were recorded under section 132(4) of the Act on 10.02.2011 and 01.03.2011, wherein he has voluntarily disclosed the amount of Rs. 3 crores. Subsequently, the assessee firm, vide le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 for assessment year 2011-12 dismissed the appeal of the revenue. 4. Mrs. Mauna Bhatt, learned senior standing counsel for the appellant has submitted that the assessee firm has declared additional income of Rs. 3 crores on account of 'on money' received by it from unidentified persons. It was submitted that by very nature of this receipt, the same is unaccounted and is offered for tax only when detected by the department during the course of search in the case of the partner of the assessee firm. It was further submitted that by not disclosing the names of persons and the amount of on money received from each one of them and concealing other particulars like date and mode of each transaction, assessee has aided and abetted such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ires consideration. 6. In the present case, the assessee has admitted the undisclosed income in the statement given under subsection (4) of section 132 of the Act. The Assessing Officer made the assessment on the basis of disclosure made by the partners of the assessee firm in their statements under section 132(4) of the Act and no further addition has been made in the assessment order. He has also provided all the details to that effect, and has offered an income of Rs. 3 crores. It was clearly explained in the statement dated 31.03.2011. No specific question was asked as regards the manner of earning the undisclosed income or substantiation thereof by the Assessing Officer. The assessee has also paid taxes as well as interest. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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