TMI Blog2019 (6) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... een paid in the bank on 04.01.2010 which is well within time. We are of the considered view that penalty imposed in this case is not sustainable, hence ordered to be deleted. However, in case, Revenue finds that the assessee has not deposited the taxes along with interest due well within time then Revenue has liberty to file the application as per law to recall the order. Consequently, appeal filed by the assessee is allowed. - ITA No.4447/Del./2016 - - - Dated:- 10-6-2019 - Shri R.K. Panda, Accountant Member And Shri Kuldip Singh, Judicial Member For the Assessee : Shri Somil Aggarwal, Advocate For the Revenue : Shri N.K. Bansal, Senior DR ORDER PER KULDIP SI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are : On the basis of assessment framed under section 143 (3)/153A (1)(b) of the Income-tax Act, 1961 (for short the Act ) at the income of ₹ 1,96,29,030/-, penalty proceedings were initialed u/s 271AAA of the Act on the ground that the assessee has made voluntary declaration of ₹ 30,00,000/- on account of jewellery found in his possession, made a surrender of ₹ 18,00,000/- on account of unaccounted cash found and seized and assessee has made voluntary declaration of ₹ 99,90,000/- on account of income relating to property transaction. AO levied the penalty of ₹ 19,69,000/- @ 10% of the undisclosed income of ₹ 1,96,90,000/- on the ground that the assessee has failed to specify and justify the manner of ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nior DR. 6. Perusal of the impugned order passed by the ld. CIT (A) shows that somehow ld. CIT (A) has omitted to account for the deposit of ₹ 27,70,110/- made by the assessee in the bank being tax paid on the declared income and reached the conclusion to confirm the penalty levied by the AO, whereas computation of income and Form 26AS duly shows that the said amount has been paid in the bank on 04.01.2010 which is well within time. 7. In view of what has been discussed above, we are of the considered view that penalty imposed in this case is not sustainable, hence ordered to be deleted. However, in case, Revenue finds that the assessee has not deposited the taxes along with interest due well within time ..... X X X X Extracts X X X X X X X X Extracts X X X X
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