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TMI Blog2018 (2) TMI 1777X X X X Extracts X X X X X X X X Extracts X X X X ..... ADIP KUMAR KEDIA - AM: The captioned appeal has been filed at the instance of the assessee against the appellate order of the Commissioner of Income Tax(Appeals)-7, Ahmedabad [CIT(A) in short] dated 23/06/2016 relevant to Assessment Year (AY) 2011-12 wherein action of the Assessing Officer (AO) imposing penalty under s.271AAA of the Income Tax Act, 1961 (hereinafter referred to as "the Act") amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oresaid penalty order passed by the AO before the CIT(A). The CIT(A), however, declined to entertain the case made out by the assessee for non-imposition of penalty. Consequently, levy of penalty Rs. 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 out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld.AR thereafter submitted that it was pointed out to AO that the assessee declared the aforesaid income out of certain land dealings and therefore 'manner' of earning alleged unaccounted income stands disclosed. The Ld.AR submitted that in the absence of any query regarding the 'manner' of income derived 'substantiation' thereof, the ingredients for imposing penalty under s.271AAA of the Act ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 Rs. 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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to meet the aforesaid requirement for claiming immunity cannot be fastened on the assessee. 9. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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