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TMI Blog2018 (2) TMI 1287X X X X Extracts X X X X X X X X Extracts X X X X ..... MON ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These Tax Appeals arise in common background. We may notice facts from Tax Appeal No.823 of 2017. The appeal is filed by the Revenue challenging the judgment of Income Tax Appellate Tribunal dated 27.03.2017 raising following questions for our consideration: "[A] Whether on the facts and in the circumstances of the case and in law, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the residential and business premises of the assessee on 28.01.2010. During such search, the assessee disclosed income of Rs. 2,09,67,770/previously undisclosed. Assessment under section 143(3) read with section 153A of the Act was finalized on 29.12.2011. The Income Tax Officer initiated penalty proceedings under section 271AAA of the Act and passed the order of penalty of Rs. 20.96 lakhs on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the issue is covered against the Revenue by virtue of the judgment of this Court in case of Mahendra C. Shah (supra) in which, following observations were made: "15. In so far as the alleged failure on the part of the assessee to specify in the statement under Section 132(4) of the Act regarding the manner in which such income has been derived, suffice it to state that when the statement is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... literate or illiterate, to be specific and to the point regarding the conditions stipulated by Exception No. 2 while making statement under Section 132(4) of the Act. The view taken by the Tribunal as well as Allahabad High Court to the effect that even if the statement does not specify the manner in which the income is derived, if the income is declared and tax thereon paid, there would be substa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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