TMI Blog2019 (1) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee himself has disclosed during the course of search that this was on-money received on sale of Gatrad land. Thus, the assessee has disclosed manner and also fulfilled conditions no.2. CIT(A) has rightly appreciated this aspect and has rightly deleted the penalty. - Decided in favour of assessee. - ITA No.1027/Ahd/2016 - - - Dated:- 9-1-2019 - Shri Rajpal Yadav, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Assessee : Ms.Rudika R. Nagar, AR For the Revenue : Shri Ranjankumar Singh, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Revenue is in appeal before the Tribunal against order of the ld.CIT(A)-11, Ahmedabad dated 3.12.2015 passed for the assessment year 2012-13. 2. Sole grievance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. 4. With the assistance of the ld.representatives, we have gone through the record carefully. For appreciating the controversy involved, it is incumbent upon us to take note of section 271AAA. The relevant part of this section reads as under: 271AAA. Penalty where search has been initiated.-(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, 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 sub-section (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities. The assessee has paid taxes as well as interest. The dispute between the assessee and Revenue pertained to condition no.2 that is whether the assessee has disclosed manner and substantiate that manner. 6. A perusal of the record would indicate that the ld.CIT(A) has recorded a finding that search party did not ask particular question from the assessee in whose reply he could demonstrate manner of earning the income; neither in the assessment proceedings AO has asked the manner of earning of income from the assessee. However, the assessee himself has disclosed during the course of search that this was on-money received on sale of Gatrad land. Thus, the assessee has disclosed manner and also fulfilled conditions no.2. The ld.CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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