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TMI Blog2015 (10) TMI 2310X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel is not in a position to point out that the Tribunal has placed reliance upon any irrelevant material or that any relevant material has been ignored, nor is he in a position to dislodge the findings of fact recorded by the Tribunal. The Tribunal having based its conclusion upon the concurrent findings of fact recorded by it after appreciating the evidence on record, in the absence of any perversity in the findings recorded by it, it cannot be said that the impugned order passed by the Tribunal gives rise to any question of law, much less, a question of law, so as to warrant interference. - Decided against revenue. - Tax Appeal No. 565 of 2015 - - - Dated:- 14-9-2015 - Harsha Devani And A G Uraizee, JJ. For the Petitioner : Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A of the Act. The assessee carried the matter in appeal before the Commissioner (Appeals) who set aside the penalty. The revenue carried the matter in appeal before the Tribunal but did not succeed. 3. Mr. Sudhir Mehta, learned senior standing counsel for the appellant, invited the attention of the court to the provisions of section 271AAA(2) of the Act to submit that the assessee is entitled to exemption from the levy of penalty only in case it satisfies three conditions, namely, in the course of the search, in a statement under sub-section (4) of section 132, the assessee admits the undisclosed income and specifies the manner in which such income has been derived. Secondly, the assessee substantiates the manner in which the undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned by the AO, the basis of levy of penalty submissions made by Ld. AR on behalf of the assessee and the decisions of the Honourable High Court s relied upon. 5.1. The Ld. AR s argument that the income disclosed by the assessee could not be covered under the definition of undisclosed income as defined in Expl.(a) to section 271AAA of the Act, cannot be accepted because the key person of the group himself made disclosure of unaccounted income while recording the statement u/s.132(4) of the I.T. Act. He has also admitted that undisclosed income was invested in land, unaccounted cash, jewellery and receivables and undisclosed income was not recorded in the books of accounts. The disclosure made by the assessee for undisclosed income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in reply to question no.11, and disclosed total income of ₹ 20.23 crores out of which undisclosed income of ₹ 2.00 crores belonged to the assessee company. In the same question the authorised officer himself stated in these transactions it mainly appears that receipts of on-money from various residential projects by your group companies and from textile business, clearly specified that the income is earned from textile business. The key person of the group in his statement recorded u/s.132(4) disclosed ₹ 2.00 crores on account of net income from textile business. Further, Shri Ashok K Aswani in a statement on 6.5.2008 in reply to question number 3 stated that entries made in pocket diary were related to FY 2007-08. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s after appreciating the evidence on record, concurred with the findings of fact recorded by the Commissioner (Appeals) and has based its conclusions thereon. 7. From the facts as noted hereinabove as well as the findings recorded by the Commissioner (Appeals) to which the Tribunal has concurred, it is evident that the Commissioner (Appeals), after duly appreciating the material on record, has recorded a finding of fact to the effect that the assessee had duly satisfied the manner in which the undisclosed income had been derived and that the assessee had further substantiated the manner in which the undisclosed income was derived. Insofar as the third category, namely, payment of tax together with interest in respect of undisclosed incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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