9911796707
TMI Blog2014 (3) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... se are that the assessee filed his original Return of Income [ROI] for A.Y. 2010-11 on 4.8.2010 declaring total income of Rs. 1,19,89,531/-. Search and seizure operations were carried out at the residential as well as the business premises of the assessee on 6.10.2009. Subsequently, the assessee filed his revised return on 25.1.2011 declaring total income. However, assessment was completed u/s 143(3) of the Act at Rs. 1,37,62,280/- vide order dated 29.11.2011. Subsequently, on the ground of disclosure of undisclosed income penalty of Rs. 13,25,354/- was imposed vide order dated 11.5.2012. Against this order, the assessee went in first appeal and the ld. CIT(A) has deleted the entire penalty. The revenue has come in appeal before the Appel l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is guilty of avoiding payment of tax. However, it has not been discussed by the A.O. as to why benefit of section 271AAA of the Act is not allowable to the assessee. According to him, the return was filed on 4.7.2010, within the time as specified u/s 139 of the Act and disclosure of surrendered income was made in the revised return filed u/s 139(5) of the Act. He has observed that notice u/s 143(2) was issued on 27.1.2011 after filing of the revised return on 25.1.2011. He has further observed that the assessee in his statement recorded u/s 132(4) of the Act admitted undisclosed income and specified the manner in which the income had been derived which was from the business of property and construction. This fact was also reaffirmed du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conducted u/s 132 of the Act. But when the assessee fulfills the conditions of sub-section (2) of section 271AAA of the Act, he is entitled to benefit of this provision. But the assessee has offered undisclosed income of Rs. 1,10,18,966/- in his original return filed for A.Y. 2010-11 against the actual undisclosed income of Rs. 1,27,91,718/-. The revised return admitted complete undisclosed income of Rs. 1,27,91,718/- was filed before the A.O. issued notice u/s 142(1) and within the time limit prescribed u/s 139(5) of the Act. Thus, it is found that the assessee has disclosed the entire undisclosed income and has offered it for taxation. The assessee has also explained the undisclosed income was earned from his business alongwith providing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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