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TMI Blog2018 (1) TMI 1310X X X X Extracts X X X X X X X X Extracts X X X X ..... the undisclosed income or substantiation thereof by the Assessing Officer. The assessee has also paid taxes as well as interest. Thus, the contention of the revenue that the assessee has not substantiated the manner in which the undisclosed income is derived, does not merit acceptance. No evidence was found which would suggest that the assessee had earned the undisclosed income from any other source instead of projects Conditions mentioned in section 271AAA(2) of the Act for granting immunity from the penalty are satisfied in the present case as the assessee in his statement under section 132(4) of the Act has made a disclosure of unaccounted income; the manner in which the same was earned was also clearly stated and the taxes were also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has voluntarily disclosed the amount of ₹ 3 crores. Subsequently, the assessee firm, vide letter dated 31.03.2011 addressed to the Income Tax Officer (Invn), Unit1, Ahmedabad, on the subject of clarification on the disclosure statement given by the partners Shri Vipulbhai Ravjibhai Kathirya and Shri Ravjibhai Haribhai Kathiriya under section 132(4) of the Act and the particulars of booking of residential units in the scheme viz. PRAKRUTI HOMES , wherein the detailed submission as regards to the manner of earning the additional income disclosed for an amount of ₹ 3 crores in the case of the assessee for the Financial Year 2010-11 relevant to Assessment Year 2011-12 along with identification of assets were given and subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f them and concealing other particulars like date and mode of each transaction, assessee has aided and abetted such persons in evasion of tax, which is an offence/default of the same degree of gravity as offence/default of evading tax by the assessee itself. It was submitted that all the details and evidences in respect of such on money transactions were in the knowledge and possession of the assessee but the assessee did not share such details and evidence with the department. It was submitted that as such the details and evidence formed part of the particulars of income declared by the assessee, the assessee can be said to have concealed such particulars. Thus, levy penalty under section 271(1)(c) of the Act is justified. It was therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income or substantiation thereof by the Assessing Officer. The assessee has also paid taxes as well as interest. Thus, the contention of the revenue that the assessee has not substantiated the manner in which the undisclosed income is derived, does not merit acceptance. No evidence was found which would suggest that the assessee had earned the undisclosed income from any other source instead of projects. In our considered opinion the Commissioner (Appeals) while placing reliance on the judgment in the case of CIT v. Mahendra C. Shah, (2008) 299 ITR 305 (Gujarat) has rightly held that when such questions are not raised by the authorized officer, the assessee is not expected to specify on his own manner in which the income was earned to su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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