TMI Blog2014 (5) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... contrary view can be taken. On similar facts, the Cuttack Bench of the ITAT while deciding the case of Pramod Kumar Jain reported in [2012 (12) TMI 629 - ITAT CUTTACK] as relied upon by the ld. CIT(A), has taken a view that there is no prescribed method to indicate the manner in which income was generated when the definition of undisclosed income has been defined in the Act itself when no income of the specified previous year represented either wholly or partly which onus lay upon the assessee stood discharged. Therefore, levy of penalty u/s 271AAA of the Act has been correctly deleted by the ld. CIT(A). - decided in favour of assessee. - ITA No. 93/JU/2014 Assessment Year: 2009-10 - - - Dated:- 7-5-2014 - Shri Hari Om Maratha An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment of the Jurisdictional High Court. Therefore, by deciding this appeal ex parte, no injustice is caused to any party. 5. After considering the submissions of the ld. D.R. and carefully perusing the entire material on record, we have found that during search, the assessee made a statement u/s 132(4) of the Act and subsequently, his statement u/s 131 of the Act was also recorded. When the assessee was confronted with incriminating evidence, the assessee made surrender which has been accepted by the department. However, the penalty was initiated and imposed because he could not explain the manner in which the undisclosed income had been derived by him. In fact, the transactions which could not be verified from the regular books of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the disclosure has to be made consequent upon the search conducted u/s 132 of the Act. But when the assessee fulfills the conditions of sub-section (2) of section 271AAA of the Act, he is entitled to benefit of this provision. But the assessee has offered undisclosed income of ₹ 1,10,18,966/- in his original return filed for A.Y. 2010-11 against the actual undisclosed income of ₹ 1,27,91,718/-. The revised return admitted complete undisclosed income of ₹ 1,27,91,718/- was filed before the A.O. issued notice u/s 142(1) and within the time l imit prescribed u/s 139(5) of the Act. Thus, it is found that the assessee has disclosed the entire undisclosed income and has offered it for taxation. The assessee has also explained t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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