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TMI Blog2018 (6) TMI 1559X X X X Extracts X X X X X X X X Extracts X X X X ..... case file to indicate that the assessee’s undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. We are dealing with a penalty provision in tax statute which is to be strictly interpreted. CIT(A) has rightly deleted the impugned penalty as the assessee’s search statement nowhere indicated the corresponding undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against him. 2. Learned CIT (DR) vehemently contends during the course of hearing that the Assessing Officer had rightly penalised the assessee u/s 271AAB of the Act. There is no dispute that the department had carried out the search in question dated 13.02.2013 and on subsequent dates in M/s Agarwal group of cases. The assesse is one of the connected party to the said searched group. He made s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ized. Nothing incriminating/no evidences were found regarding ₹ 1 crore which was offered for taxation by the assessee suo moto in order to buy peace of mind. I also find that neither the officers in the investigation wing in the post search investigation nor the Assessing Officer during assessment process found any discriminating evidence of undisclosed income other than the statement of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see one cannot point out which amount of undisclosed income pertains to which specified previous year. In this situation, where nothing is clear from assessee's statement recorded at the time of search, the action of the AO to levy penalty u/s 271AAB(1)(a) on the amount offered by the assessee suo moto to buy peace of mind, cannot be justified. The Hon'ble Supreme Court has also categorica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stood defined in Explanation (c) thereto. There is no material in the case file to indicate that the assessee s undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. We make it clear that we are dealing with a penalty provision in tax statute which is to be strictly interpreted. We therefore are of the opinion that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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