TMI Blog2018 (7) TMI 2109X X X X Extracts X X X X X X X X Extracts X X X X ..... income by way of trading in commodities and real estate and also stated this fact is substantiated from the seized material. This factual position is not denied by the AO and this is not the basis for imposing the penalty. In that view of the matter and in view of such facts and circumstances of the case, the CIT(A) is not justified in confirming the action of the AO and accordingly, we direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT(A) erred in upholding the penalty of ₹ 53,17,370/- levied by the AO u/s 271AAA of the I.T. Act, 1961. 3. Roots for levy of penalty lie in the assessment order framed u/s 143(3) of the Act vide order dated 31.12.2010. A search action u/s 132 of the Act was carried out in the Dawat Group of cases which included the assessee alongwith Shri Ashwin Arora, Shri Surinder Arora and Shri Ash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not to follow the following findings of the coordinate bench of the Tribunal which reads as under: The Id DR has pointed out that the manner of earning of the surrendered income has not been disclosed by the assessee whereas the assessee by letter dated 21.01.2010 has disclosed the manner of earning the said income by way of trading in commodities and real estate and also stated this fact is subs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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