9911796707
TMI Blog2013 (4) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... - SHRI G. C. GUPTA, VP AND SHRI ANIL CHATURVEDI, AM) Appellant by Shri Rahul Kumar, Sr. DR Department by Shri Gaurav Mehta, AR ORDER PER ANIL CHATURVEDI: This appeal is preferred 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 ₹ 4,51,610/- u/s 271AAA of the Act. 2. The brief facts as culled out from the orders of the revenue are that search action u/s 132 of the Act was carried out in Operation Life Group cases on 21-08-2008. During the course of search at the premises of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving the aforesaid income. He, therefore, submitted that in the case of the assessee conditions stipulated u/s 271AAA of the Act have not been fulfilled and, therefore, the assessee cannot be granted immunity from levy of penalty. He thus supported the order of the learned AO. 4. The learned AR on the other hand, submitted that the assessee group made disclosure of ₹ 45,00,000/- in 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 ₹ 34,50,000/-. The learned AR, therefore, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orized officer or by the learned AO to substantiate the manner in which the undisclosed income was derived. 6. In the case of Radhakrishnan Goyal Vs CIT [(2005) 278 ITR 454 (All.)] the Allahabad High Court has held that u/s 132(4) of the Act unless the authorized officer puts a specific question with regard to the manner in which income has been derived, it is not expected from the person to make a statement in this regard and in case in the statement the manner in which the income has been derived has not been stated but has been subsequently stated 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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