TMI Blog2020 (4) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... any plausible reply to satisfy the search team as well as the Ld. A.O during the course of assessment proceedings. Assessee has also not challenged this addition before the Tribunal. So as far as unexplained cash is concerned assessee failed to fall in Section 271AAA(2) of the Act. Assessee is liable to pay penalty u/s 271AAA of the Act @10% on the undisclosed income and unexplained cash .- Decided partly in favour of assessee. - ITA No.93/Ind/2019 - - - Dated:- 7-2-2020 - Kul Bharat, Judicial Member And Manish Borad, Accountant Member For the Assessee : Shri Venus Rawka, CA For the Revenue : Shri R.S. Ambedkar, Sr.DR ORDER PER MANISH BORAD, AM The above captioned appeal filed at the instance of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missions. He also placed on record the Tribunal s order No.615/Ind/2015 dated 29.09.2016 in assessee s own case in support of the fact the some of the additions sustained by Ld. CIT(A) were deleted by the Hon'ble Tribunal. He accordingly prayed for deletion of the penalty levied u/s 271AAA of the Act. 7. Per contra Ld. Departmental Representative vehemently argued supported the orders of both the lower authorities. 8. We have heard rival contentions and perused the records placed before us. The sole grievance of the assessee is against the finding of Ld. CIT(A) confirming the penalty levied u/s 271AAA of the Act at ₹ 1,51,178/-. The penalty in question was levied on the following additions made by the Ld. A.O and confirmed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been derived; (ii) substantiates the manner in which the undisclosed income was derived; and (iii) pays the tax, together with interest, if any, in respect of the undisclosed income. 11. We observe that undisclosed income of ₹ 12,52,670/- was neither offered to tax during the course of search nor it was included in the Income Tax Return filed by the assessee. The addition was made while finalizing the assessment order. Thus assessee has not fulfilled any of the conditions enumerated above in Section 271AAA(2) of the Act. 12. As regards addition for unexplained cash of ₹ 59,116/- which was found during the course of search at the assessee s residence on 25.11.10, assessee could not give any plausible reply to sat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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