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TMI Blog2015 (10) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... which such income has been derived in its statement recorded during the course of search but has also substantiated the manner in which the undisclosed income was derived. It is an undisputed fact that the assessee has paid the tax together with interest, if any, in respect of the undisclosed income. Under these circumstances, we are of the view that the Learned CIT(Appeals) has rightly deleted the penalty in question levied by the Assessing Officer. - Decided in favour of assessee. - ITA No. 2839/Del/2013 - - - Dated:- 24-2-2015 - SHRI I.C. SUDHIR AND SHRI T.S. KAPOOR, JJ. For The Revenue : ShriA. Misra, CIT(DR) For The Respondent: Smt. Ruchi Khurana, Adv. ORDER PER I.C. SUDHIR: JUDICIAL MEMBER The Revenue has qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed in a case of survey conducted under sec.133A of the Act. It was submitted further that the penalty is not leviable in case the assessee disclosed income during search and paid taxes thereupon and accepted by the Assessing Officer. In this regard, she has placed reliance on the decisions of Nagpur Bench of the ITAT reported in (2013) 34 Taxman.com 62 holding that where assessee had disclosed certain amount during the course of search and had paid taxes thereon filed return showing said income as business income and same had been accepted by the Assessing Officer under the head business income penalty under sec. 271AAA of the Income-tax Act, 1961 was not leviable. 4. We find from the orders of the authorities below that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peration, the assessee had agreed for a declaration of ₹ 4,02,38,700. 5. Having gone through the provisions laid down under sec. 271-AAA of the Act, we find that penalty there under is levied where search has been initiated under sec. 132 on or after 01.06.2007 but before 01.07.2012 @ 10% of the undisclosed income of the specified previous year. As per sub-section(2) to section 271AAA the penalty is not leviable under the following situation: (i) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived. (ii) substantiates the manner in which the undisclosed income was derived; and (iii) pays the tax, togeth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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