TMI Blog2021 (4) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... ns as specified under section 271AAA of the Act for claiming the immunity. There remains no ambiguity to the fact that the AO has not brought anything on record including the statement recorded under section 132(4) of the Act suggesting that the conditions as specified under section 271AAA of the Act has not been satisfied. Accordingly we are not impressed with the finding of the authorities below. Thus the order of the learned CIT (A) is set aside by us with the direction to the AO to delete the penalty levied by him. Thus the ground of appeal of the assessee is allowed. - ITA No. 1629/AHD/2018 - - - Dated:- 16-3-2021 - SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms MADHUMITA ROY, JUDICIAL MEMBER Assessee by : Written Submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 5,62,500/- levied by the AO u/s. 271AAA of the Act. Accordingly, the impugned penalty of ₹ 5,62,500/- requires to be quashed/cancelled. 3. The learned CIT(A) has erred in law and on facts while not considering the fact that the case of the appellant is duly covered u/s. 271AAA(2) of the Act and therefore, no penalty u/s. 271AAA of the Act is leviable. Accordingly, the impugned penalty of ₹ 5,62,500/- requires to be quashed/cancelled. The appellant craves leave to add, amend, alter, modify or delete any of the above grounds as well as to submit additional grounds at the time of hearing of the appeal. 3. The only issue raised by the assessee is that the learned CIT (A) erred in confirming the order of the AO b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 271AAA of the Act was challenged by the assessee on various counts including the immunity provided to the assessee under section 271AAA of the Act. The sub-section 2 of section 271AAA of the Act provides the immunity from the penalty subject to certain conditions. Conditions for immunity from penalty u/s. 271AAA 9.1. Once it is identified by the AO that there is an undisclosed income for which assessee is liable for penalty, then for getting immunity, the assessee has to satisfy that he has- (i) Specified the manner in which such undisclosed income has been derived. (ii) Substantiated the manner in which such undisclosed income has been derived. (iii) Pays the tax, together with interest, if any, in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conditions have not been complied. 9.5. The AO in the penalty order without elaborating the facts with the reasons has just mentioned that the assessee has not complied with the conditions as specified under section 271AAA of the Act for claiming the immunity. For the reference, the finding of the AO in the penalty order reads as under: As per the conditions laid down under sub-section (2), in order to avail the immunity from the rigors of penalty u/s. 271AAA, the assessee, in the course of search itself, in his statement under section 132(4), has to specify and substantiate the manner in which such undisclosed income was derived. In this case a disclosure was of ₹ 56,25,000/-. The conclusion is that vital conditions lai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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