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TMI Blog2018 (10) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... been properly computed based on the seized materials as well as the details furnished by the assessee. The assessee seeks to dispute the fixation by contending that the fixation is based on the letter given by the assessee, which according to the assessee is voluntary. The first appellate authority has considered the issue independently, especially the contention now put forth before us and noted that the undisclosed income has been properly computed. The Tribunal also has examined the factual position and noted the particulars of the undisclosed income and then rendered a finding confirming the orders passed by the first appellate authority and the Assessing Officer. Thus, we find that the three authorities have concurrently appre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voking the Second Proviso to Section 158BFA of the Act is proper and justified. 5.The learned counsel for the assessee vehemently contended that the computation of the undisclosed income for such purpose was not based on the materials recovered from the search but, was based on the letter given by the assessee. 6.In support of the contention, the learned counsel placed reliance on the decision of the High Court of Delhi in the case of Commissioner of Income Tax vs. Harkaran Das Ved Pal [(2011) 336 ITR 0008]. 7.The learned Junior standing counsel appearing for the respondent/Revenue seeks to sustain the impugned order by contending that the Assessing Officer, the first appellate authority and the Tribunal concurrently held on fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount of tax leviable but which shall not exceed three times the amount of tax so leviable in respect of the undisclosed income determined by the Assessing Officer under clause (c) of section 158BC: Provided that no order imposing penalty shall be made in respect of a person if- (i) such person has furnished a return under clause (a) of section 158BC; (ii) the tax payable on the basis of such return has been paid or, if the assets seized consist of money, the assessee offers the money so seized to be adjusted against the tax payable; (iii) evidence of tax paid is furnished along with the return; and (iv) an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner, whichever period expires later; (d) in a case where the assessment is the subject-matter of revision under section 263, after the expiry of six months from the end of the month in which such order of revision is passed; (e) in any case other than those mentioned in clauses (c) and (d), after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later; (f) in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterials, which were called for and placed before the Assessing Officer but, it would suffice to state that there are abundant references in the assessment order to show as to how the undisclosed income was computed. On facts, the Assessing Officer clearly recorded the finding that the undisclosed income has been properly computed based on the seized materials as well as the details furnished by the assessee. 11.The assessee seeks to dispute the fixation by contending that the fixation is based on the letter given by the assessee, which according to the assessee is voluntary. 12.We do not accept the stand taken by the assessee before us, since it is factually established that the determination of the undisclosed income was based upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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