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TMI Blog2014 (6) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... rch or for such previous year which is to end on or after the date of search and such income is declared by him in his ROI furnished on or after the date of search. The deeming provision about concealment of income or furnishing of inaccurate particulars of such income shall not be applicable when such income or transaction resulting income which are recorded on or before the date of search in the books of account maintained regularly during the course of business or when he makes a declaration in his statement u/s 132(4) of the Act that money etc. found in his possession or under his control was acquired out of his income which has not been disclosed in his ROI to be furnished before the expiry of time specified in section 139(1) and sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.2007, which was complied with by the assessee by filing return of income [ROI] on 31.03.2008 declaring income of Rs 38,62,340/-. Assessment was framed u/s 153A /143(3) of the Act at total income of Rs. 35,54,100/-. Penalty proceedings u/s 271(1)(c) of the Act was initiated on 30.10.2008 and a penalty of Rs. 2,33,080/- was imposed on the assessee. This penalty has been confirmed by the ld. CIT(A) as well. Further aggrieved, the assessee has filed this appeal by raising the material ground against the confirmation of penalty of Rs. 2,33,080/-. 3. We have heard the rival submissions and have carefully perused the entire material on record. Both the parties have reiterated the same arguments which were taken before the ld. CIT(A). We have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Smt. Vijayshree Lunawat Rs. 6,50,925/- Offered for taxation in the case of Smt. Vijayshree Lunawat 3 Shri Pradeep Lunawat Rs. 6,53,478/- Offered for taxation in the case of Shri Pradeep Lunawat 4 Shri Mangilal Lunawat Rs. 6,50,224/- Offered for taxation in the case of Shri Mangilal Lunawat 5 Smt. Anushree Lunawat Rs. 6,51,426/- Offered for taxation in the case of Smt. Anushree Lunawat 6 Smt. Sayardevi Lunawat Rs. 6,47,220/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 5A.- Where, in the course of a search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of- (i) any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilizing (wholly or in part) his income for any previous year; or (ii) any income based on any entry in any books of account or other documents or transactions and he claims that such entry in the books of account or other documents or transactions represents his income (wholly or in part) for any previous year, which has ended before the date of search and,- (a) where the return of income for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the date of search in the books of account maintained regularly during the course of business or when he makes a declaration in his statement u/s 132(4) of the Act that money etc found in his possession or under his control was acquired out of his income which has not been disclosed in his ROI to be furnished before the expiry of time specified in section 139(1) and specifies the manner in which the said income has been derived and pays due tax thereon together with interest in respect of such income. The Hon'ble Jurisdictional High Court has considered all these aspects in the case of Kanhiayalal Saruparia [supra]. Therefore, in the facts and circumstances of the case, in view of the judgment of the Hon'ble Rajasthan High C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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