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TMI Blog2017 (4) TMI 1429X X X X Extracts X X X X X X X X Extracts X X X X ..... not dispute that during the course of search, it was admitted by Shri Alpeshbhai Kotadiya that this income was earned by accepting on-money in its building project “Green City”. This manner has also been disclosed. It has also been pointed out that the undisclosed income was received by the assessee as on-money. Thus, taking into consideration facts and circumstances, we are of the view that the CIT(A) has rightly deleted the penalty, and accordingly, we dismiss the appeal of the Revenue. - ITA No.1355/Ahd/2014 - - - Dated:- 10-4-2017 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER For the Appellant : Shri James Kurian, Sr.DR For the Respondent : Shri Sapnesh Sheth, AR ORDER PER RAJPAL Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived by the assessee to the tune of ₹ 15,00,00,000/-. The assessee has admitted undisclosed income of ₹ 15,00,00,000/- for taxation in this A.Y. 5. The assessee was asked to substantiate the offered income of ₹ 15,00,00,000/- and manner in which the said income was derived. The assessee has failed in substantiating the manner in which the admitted undisclosed incomes were derived. In view of the above it is clear that the assessee is not fulfilled the conditions laid down in section 271AAA(2) of the IT. Act, 1961 for immunity from the penalty u/s 271AAA. Hence, it is a fit case for initiating penalty proceedings u/s 271AAA of the I.T. Act. Consequently, penalty proceedings u/s 271AAA of the I.T. Act, 1961 are on the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o substantiated that manner. 5. We have duly considered rival contentions and gone through the record. For appreciating the controversy involved, it is incumbent upon us to take note of section 271AAA. The relevant part of this section reads as under: 271AAA. Penalty where search has been initiated.-(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent of the undisclosed income of the specified previous year. (2) Nothing contained in sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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