TMI Blog2021 (7) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... gh, Judicial Member For the Assessee : Shri Somil Agarwal, Advocate For the Revenue : Shri H.K. Choudhary, CIT DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, Shri Tarun Lamba (hereinafter referred to as the assessee ) by filing the present appeal sought to set aside the impugned order dated 24.06.2016 passed by the Commissioner of Income-tax (Appeals)-3, Gurgaon affirming the penalty levied vide order dated 30.03.2014 passed u/s 271AAA of the Income-tax Act, 1961 (for short the Act ), qua the assessment year 2010-11 on the grounds inter alia that :- 1. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the action of Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich the undisclosed income has been earned. 3. Assessee carried the matter before the ld. CIT (A) by way of filing appeal who has confirmed the penalty levied by the AO by dismissing the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Undisputedly, during search and seizure operation u/s 132(1) of the Act carried out at the business premises of M/s. Imperial Auto Industries Ltd. Group of cases on 02.09.2009 as well as at the residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onouncements on this issue including the above decision of Hon ble ITAT Chandigarh Bench, the contentions of the appellant with regard to the second condition of substantiating the manner in which the undisclosed income was derived is accepted. 8. So, the first question framed in this case is decided in favour of the assessee. 9. Now, coming to the second question of fact framed in this case is, as to whether the assessee has failed to specify the condition specified in section 271AAA(2)(iii) of the Act as to payment of taxes together with interest, if any, in respect of undisclosed income. 10. Undisputedly, as per computation of income, total tax payable by the assessee was ₹ 75,90,283/- out of which ₹ 11,7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total taxable income which is available on judicial file as Annexure A , and detail of tax amounts seized is given in Annexure 1 . Ld. AR for the assessee relied upon the order dated 15.06.2017 passed by the coordinate Bench of the Tribunal in quantum proceedings in case of assessee in ITA No.5079/Del/2012 . 13. However, on the other hand, ld. DR for the Revenue contended that the findings returned by ld. CIT (A) are on the basis of marshalling of facts and relied upon the impugned order passed by the ld. CIT (A). 14. Ld. CIT (A) while fixing the liability of the assessee in not paying the income-tax and interest thereon qua surrendered income in due time proceeded to hold that credit of ₹ 30,00,000/- seized as cash cann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total tax payable ₹ 75,90,286 MINUS : Tax on income offered twice (₹ 15,00,000 x 30%) ₹ 4,50,000 Tax on income offered at 30% instead of 20% [₹ 84,90,000 (₹ 99,90,000 ₹ 15,00,000) x 10%] ₹ 8,49,000 ₹ 12,99,000 Total ₹ 62,91,286 Tax deposited ₹ 68,87,772 16. In view of what has been discussed above, we are of the considered view that the assessee has paid taxes along with interest in du ..... X X X X Extracts X X X X X X X X Extracts X X X X
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