TMI Blog2018 (2) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... AAA - Decided in favour of assessee. - Tax Appeal No. 827 of 2017 - - - Dated:- 22-1-2018 - Ms. HARSHA DEVANI AND MR. A.S. SUPEHIA, JJ. For The Appellant : Mrs Kalpanak Raval, Advocate ORAL ORDER ( PER : HONOURABLE MR.JUSTICE A.S. SUPEHIA) 1. Revenue in the present appeal has assailed the order dated 06.04.2017 passed by the Income-tax Appellate Tribunal, Ahmedabad Bench B (hereinafter referred to as Tribunal) in ITA No.1067/Ahd/2014 raising the following substantial questions of law:- ( A) Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal has erred in confirming the order of CIT (A) by ignoring the fact that the assessee has not fulfilled the conditions laid down u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty. The same was challenged by the Revenue before the Tribunal. The Tribunal vide order dated 06.04.2017 passed in ITA No.1067/Ahd/2014 dismissed the appeal of the revenue. 4. Mrs. Kalpana Raval, learned senior standing counsel for the appellant submitted that in the present case, no doubt there was undisclosed income declared by the assessee in the statement under section 132(4) of the Act, but the manner in which such undisclosed income was derived was not clearly stated by the assessee. The following details would have been submitted by the assessee to ascertain the correctness of claim. I. The Project details along with Floor, number of Flats, Carpet area, built up area and superbuilt up area. II. Name of the purchasers a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiated under section 132 on or after the 1st day of June, 2007 [but before the 1st day of July, 2012], the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent of the undisclosed income of the specified previous year. ( 2) Nothing contained in subsection (1) shall apply if the assessee, ( i) in the course of the search, in a statement under subsection (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. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pra) , when the statement is being recorded by the authorized office, it is incumbent upon him to explain the provision in its entirety to the assessee concerned and the authorized officer cannot stop at a particular stage so as to permit the revenue to take advantage of such lapse in the statement. Thus, the conditions mentioned in section 271AAA(2) for granting immunity from the penalty are satisfied in the present case as the assessee in his statement under section 132(4) has made a disclosure of unaccounted income; the manner in which the same was earned was also clearly stated and the taxes were also paid. 8. On overall analysis of the entire material on record as well as the order impugned, we unhesitatingly conclude that no error ..... X X X X Extracts X X X X X X X X Extracts X X X X
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