2018 (3) TMI 234

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..... ri S.S.Viswanethra Ravi, JM For the Appellant : Shri M.D. Shah For the Respondent : Shri Arindam Bhattacharjee, Addl. CIT ORDER M.Balaganesh, AM By virtue of these miscellaneous applications, the assessee seeks to recall the order passed by this Tribunal in I.T.A. Nos. 1471, 1475&1476/Kol/2015 in the hands of Amit Agarwal, Madan Lal Beswal and Manoj Beswal respectively for the assessment .....

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..... ncome from business or profession". Based on this crucial finding, the Tribunal had concluded that since the transaction of commodities trading had not been entered by the assessee in his books of accounts as on the date of search on 01.08.2012 and thereby it takes the character of undisclosed income for which penalty u/s 271AAB of the Act is exigible. In this regard, we find that the Ld. AR drew .....

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..... conclusion of upholding the levy of penalty u/s 271AAB of the Act. Hence, in these facts and circumstances and in view of the aforesaid mistake of primary fact rightly pointed out by the ld. AR , we deem it fit to recall the orders of this Tribunal dated 10.11.2017 in the case of aforesaid assessees. 2. In the result, the miscellaneous applications of the Assessees are allowed. Order pronounced .....

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