9911796707
TMI Blog2013 (4) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... rred by the revenue being aggrieved by the order of the learned CIT(A)-III, Ahmedabad dated 15-06-2012 in appeal No. CIT(A)-III/31/ACIT CC- 2(3)/11-12, passed u/s 250 read with section 271AAA of the IT Act, for the assessment year 2009-10 challenging the levy of penalty for a sum of Rs. 4,51,610/- u/s 271AAA of the Act. 2. The brief facts as culled out from the orders of the revenue are that sear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s disclosed by the assessee, the AO levied penalty u/s 271AAA of the Act of Rs. 4,51,610/- vide order dated 28-06-2011 as the AO was of the view that had the search u/s 132 of the Act not taken place, the assessee would not have disclosed the amount and the same would have gone undetected. Aggrieved by the order of the AO the assessee carried the matter before the learned CIT(A). The learned CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statement recorded u/s 132(4) of the Act on 22-09-2008 and had specified that such income was earned from medical profession and was offered by the assessee in the income tax return for assessment year 2009-10. He further submitted that the tax on such disclosure was adjusted from the seized amount of Rs. 34,50,000/-. The learned AR, therefore, submitted that under the provisions of section 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g which the assessee declared unaccounted income of Rs. 45,00,000/- which was also shown in the return of income and was also accepted by the learned AO. It is also a fact that the assessee had paid tax along with interest from the seized cash. Nothing has been brought on record by the revenue to substantiate that the authorized officer had asked any question to the assessee to substantiate the un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that amounts compliance with the explanation 5 (2) of the Act. 7. The learned CIT(A) while deleting the penalty has given a finding that the assessee had admitted the income at the time of search and disclosed the same in the return of income filed u/s 153 of the Act and paid tax and also disclosed the manner in which the income was earned. Nothing has been brought on record by the Revenue to c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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