TMI Blog2018 (2) TMI 1777X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of any query raised by the Revenue towards ‘manner’ of deriving undisclosed income and ‘substantiation’ of the ‘manner’, the obligation to meet the aforesaid requirement for claiming immunity cannot be fastened on the assessee. Admittedly, the assessee has included the undisclosed income as recorded under s.132(4) of the Act and paid taxes thereon together with interest while filing the return of income. Therefore, in our considered view, the assessee has substantially complied with the conditions specified under s.271AAA(2) of the Act for exoneration from the clutches of penalty proceedings under s.271AAA of the Act. - Decided in favour of assessee - I.T.A. No.2199/Ahd/2016 - - - Dated:- 13-2-2018 - SHRI RAJPAL YADAV, JUDICIAL ME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade out by the assessee for non-imposition of penalty. Consequently, levy of penalty ₹ 20 lakhs under s.271AAA of the Act was confirmed by the CIT(A). 4. Aggrieved, the assessee preferred the appeal before the Tribunal. 5. The Ld.AR for the assessee Mr.Dhiren Shah submitted at the outset that the aforesaid disclosure of ₹ 2 crores giving rise to the penalty proceedings was made voluntary and suo motu for which no incriminating record or material or notings were found during the course of search proceedings. The Ld.AR thereafter adverted out attention to the statement recorded under s.132(4) (Page No.208 of the paper-book) and submitted that despite absence of any incriminating document, the disclosure of ₹ 2 crores w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the pre-requisites specified under s.271AAA(2) of the Act are broadly satisfied to claim immunity from imposition of penalty. 8. In this regard, we notice that the assessee has admitted the undisclosed income pegged at ₹ 2 crores for the Financial Year (FY)2010-11 relevant to AY 2011-12 in question. It was claimed on behalf of the assessee that the disclosure was made voluntary and suo motu and the undisclosed income has been earned by way of land dealing transactions for which no records were maintained and no incriminating material or notings in connection thereto were found at the time of search. A bare perusal of statement recorded under s.132(4) shows that no specific question were confronted to the assessee about the mann ..... X X X X Extracts X X X X X X X X Extracts X X X X
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