9911796707
TMI Blog2018 (2) TMI 1287X X X X Extracts X X X X X X X X Extracts X X X X ..... as derived - tribunal deleted the penalty - Held that:- Commissioner of Income Tax (Appeals) as well as the Tribunal both concurrently found that all the requirements of explanation 5 below subsection (4) of section 132 of the Act were satisfied. With respect to disclosure of the manner in which the income was earned, the said authorities were of the opinion that while recording the statement of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 is commendable. - Decided against revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... ('the Act' for short). The assessee is engaged in the business of manufacturing of grey fabrics and processing of yarn. Search and seizure operation was carried out at the residential and business premises of the assessee on 28.01.2010. During such search, the assessee disclosed income of ₹ 2,09,67,770/previously undisclosed. Assessment under section 143(3) read with section 153A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Reliance was placed on the decision of this Court in case of Commissioner of IncomeTax v. Mahendra C. Shah reported in [2008] 299 ITR 305 (Guj). 4. Having noted the facts, we find that the issue is covered against the Revenue by virtue of the judgment of this Court in case of Mahendra C. Shah (supra) in which, following observations were made: "15. In so far as the alleged failure on the par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orded, as noted by Allahabad High Court in case of CIT v. Radha Kishan Goel (supra). Secondly, considering the social environment it is not possible to expect from an assessee, whether literate or illiterate, to be specific and to the point regarding the conditions stipulated by Exception No. 2 while making statement under Section 132(4) of the Act. The view taken by the Tribunal as well as Allaha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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