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TMI Blog2016 (6) TMI 1303X X X X Extracts X X X X X X X X Extracts X X X X ..... eon and filed return to that affect. The aforesaid order passed by the Ld. CIT(A) on the issue in dispute as well as the orders of the Tribunal and the Hon’ble High Courts relied upon by the Ld. CIT(A) while deleting the penalty in dispute, we are of the view that the Ld. First Appellate Authority has passed a well reasoned order which does not need any interfere on our part. - Decided against revenue - ITA No. 6551/Del/2013 - - - Dated:- 21-6-2016 - Shri H. S. Sidhu, Judicial Member And Shri O. P. Kant, Accountant Member Department by : Ms. Archana K. Awasthi, CIT(DR) Assessee by : S h . Sanjay Garg, CA ORDER PER H.S. SIDHU : JM The Revenue has filed the present appeal against the impugned order dated 26/8/2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of ₹ 1,60,00,000/- in the hand of the assessee. During the course of assessment proceedings the assessee did not specify the manner in which the income had been derived, hence, AO initiated the penalty proceedings u/s. 271AAA of the Act and accordingly, Show cause notice u/s. 271AAA read with section 274 of the Act was issued on 29.12.2011 requiring the assessee to show cause on 20.1.2012 as to why an order imposing penalty u/s. 271AAA of the Act should not be made. But no reply was received by the AO. Another show cause notice dated 1.5.2012 was duly served upon the assessee. In response thereto a reply dated 07.5.2012 was received from the assessee stating therein the following submissions:- i) That the assessee has surrend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) had deleted the penalty in dispute by following the various ITAT orders, Hon ble High Courts orders in which similar and identical issues have been dealt with. He draw our attention towards the Para No. 3.3 of the impugned order at pages 9 to 11. He further stated that the issue in dispute is also covered by the various decisions rendered by the ITAT and the Hon ble High Courts as mentioned in the Ld. CIT(A) s order and requested that the order of the Ld. CIT(A) may be upheld and Revenue s Appeal may be dismissed. 7. We have heard the both parties and perused and considered the relevant records available with us especially the impugned order passed by the Ld. CIT(A). We find that Ld. First Appellate Authority has elaborately disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer. Further, Ld. AR has argued that during the statement U/S 132(4), the Authorised Officer has not asked the manner in which such undisclosed income was earned. Further, the Authorised Officer has also not asked during the statement recorded U/S 132(4), to substantiate the manner in which such income was earned. He has relied on various judicial pronouncements cited supra specially Hon'ble ITAT, Delhi Judgement in the case of Mother Pride Education Persona Private Limited where Hon'ble tribunal has deleted the penalty u/s 271AAA on the ground that the Authorised Officer while recording the statement has not asked the manner in which undisclosed income was earned and also has not put a question to substantiate th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Deputy Commissioner of Income Tax V s. Rajendra Prasad Dokania (ITA No. 525/Ahd/2012) . Honorable ITAT Ahmadabad in the case of Sulochanadevi A. Agarwal, Surat vs Department of Income Tax (ITA No. 10521 AHD/2012). After considering the entire facts circumstances of the case in my view penalty levied U/S 271AAA cannot be sustained. Accordingly I hereby cancel the penalty levied u/s 271AAA. This ground of appeal is allowed. As a result, the appeal is allowed 7.1 After going through the aforesaid order passed by the Ld. CIT(A) on the issue in dispute as well as the orders of the Tribunal and the Hon ble High Courts relied upon by the Ld. CIT(A) while deleting the penalty in dispute, we are of the view that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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