TMI Blog2019 (6) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer has levied penalty does not survive. The observation of the CIT(A) that assessee has not paid the taxes in respect of undisclosed income in due time is concerned, we find from the copy of Form No. 26AS that the assessee has deposited the tax due there on 04.01.2010. DR also fairly conceded that the amount has been paid on 04.01.2010 which is much prior to the filing of the return of income as per the entry in Form No.26AS. Merit in the submission of the assessee that penalty u/s. 271 AAA cannot be levied in the instant case since the assessee has paid the taxes due on the surrendered income much prior to the filing of the return of the income . We, therefore, set aside the order of the CIT(A) and direct the AO to cancel th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome on 27.10.2010 declaring income of ₹ 26,33,760/-. The Assessing Officer completed the assessment u/s. 143 (3) r/w section 143 (3) / 153 A(1) (b) of the Act on 28.12.2011 at an income of ₹ 26,33,760/-. While completing the assessment, penalty proceedings u/s 271 AAA of the Act were initiated in respect of surrendered income made by the assessee on account of the following :- 1. Voluntary disclosure on account of jewelery of ₹ 5,00,000/- 2. Voluntary disclosure on after of income relating to property transaction /advance from property given of ₹ 20,00,000/- 4. The Assessing Officer after rejecting the various explanation given by the assessee levied penalty of ₹ 2,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losed income was derived. However, he had wrongly mentioned that assessee has not paid the taxes due on such surrendered income in due time. Referring to the copy of form No.26AS he submitted that the assessee has deposited the amount of ₹ 7,72,500/- on 04.01.2010 which is evident from the said form No.26AS. He submitted that the Ld. CIT(A) without considering this entry has considered the other entries which were paid /deposited on various other dates. He accordingly submitted that since the manner of satisfaction of income has been accepted by the CIT(A) and since the assessee has deposited the tax due on the surrendered income prior to the date of filing of return, therefore, penalty u/s. 271 AAA cannot be levied. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7,72,500/- on 04.01.2010. The Ld. DR also fairly conceded that the amount has been paid on 04.01.2010 which is much prior to the filing of the return of income as per the entry in Form No.26AS. We, therefore, find merit in the submission of the Ld. Counsel for the assessee that penalty u/s. 271 AAA cannot be levied in the instant case since the assessee has paid the taxes due on the surrendered income much prior to the filing of the return of the income. We, therefore, set aside the order of the CIT(A) and direct the Assessing Officer to cancel the penalty so levied u/s 271 AAA of the IT Act, 1961. 12. However, if the revenue at any point of time finds that the assessee has not deposited the taxes due before the due date the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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