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TMI Blog2016 (1) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... mputation of income filed alongwith the return of income and more particularly when AO has finally made adjustment. Therefore the conditions as stipulated in sub-section (iii) to section 271AAA(2) is also deemed to have been satisfied. Therefore we are of the considered view that the order of the CIT(A) need no interference from our part. - Decided in favour of assessee. - ITA No.913/Mum/2014 - - - Dated:- 30-12-2015 - RAJENDRA, AM SANDEEP GOSAIN, AM For the Petitioner : M/s Kusum Bansal For the Respondent : Shri Deepak Tralshawala ORDER Per: Sandeep Gosain: This appeal is preferred by Revenue against the order dated 28.11.2013 passed by CIT(A)-39, Mumbai and it pertains to A.Y. 2009-10 on the grounds mentioned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred the present appeal before us on the grounds mentioned above. Since both the grounds and interconnected and interrelated, they are disposed off by this consolidated order. At the very outset the learned D.R. representing the Department has submitted that during the search and seizure action, assessee voluntarily disclosed income of an amount of ₹ 6,82,56,790/-. Therefore penalty proceedings under section 271AAA of the Income Tax Act was initiated for disclosure of income of ₹ 6,82,56,790/-. It was further submitted that since assessee has not fulfilled the conditions as laid down in subsection (2) of section 271AAA of the Act, therefore penalty proceedings were rightly initiated since assessee has not paid tax together wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 132(4) and specifies and substantiate the manner in which such income is derived and pays the tax together with interest in respect of such undeclared income. 6. We have heard the rival submissions and perused the records. We have also perused the detailed order passed by CIT(A) while deleted penalty. The CIT(A) has categorically mentioned in para 8 of his order as under: - When the rectification application dated 24.1.2011, was pending, the A.O had issued penalty order under s. 271AAA dated 30.6.2011 imposing penalty of ₹ 68,25,679/- on the ground that the assessee has not paid the tax together with interest on undisclosed income admitted under s. 132(4). However, subsequently as per remand report submitted by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as stipulated in sub-section (iii) to section 271AAA(2) is also deemed to have been satisfied. The penalty imposed of ₹ 68,25,679/- is hereby deleted. 7. We have considered the order passed by CIT(A) wherein the CIT(A) has clearly mentioned that subsequently as per remand report submitted by the A.O it has been stated that the seized cash of ₹ 2,48,89,000/- has been treated as regular tax payment and the same was deposited through challan dated 103.2011. Therefore it can be seen that the seized cash has been adjusted towards the tax due on income as disclosed in the return, although the same has been remitted as regular tax. CIT(A) has clearly mentioned in his order that the entire seized cash which was in the custody of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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