9911796707
TMI Blog2019 (6) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, in brief, are that the assesee is an individual and drives income from salary from M/s. Imperial Auto Industries Limited, Faridabad. The assessee also derives income from house property, business income, capital gain and income from other sources. A search and seizure operation u/s. 132 (1) of the IT Act was conducted in the group cases of M/s. Imperial Auto Industries Limited during which the residential premises as well as office premises of the assessee was also covered. The assessee filed return of income on 27.10.2010 declaring income of Rs. 26,33,760/-. The Assessing Officer completed the assessment u/s. 143 (3) r/w section 143 (3) / 153 A(1) (b) of the Act on 28.12.2011 at an income of Rs. 26,33,760/-. While completing the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome disclosing the same. Assessee has substantiated the manner of earning of such income and paid the taxes due on such surrendered income. He submitted that while the Assessing Officer levied penalty on the ground that assessee could not substantiate the manner of earning of such income, the Ld. CIT(A) accepted the contention of the assessee that the asessee has substantiated the manner in which undisclosed income was derived. However, he had wrongly mentioned that assessee has not paid the taxes due on such surrendered income in due time. Referring to the copy of form No.26AS he submitted that the assessee has deposited the amount of Rs. 7,72,500/- on 04.01.2010 which is evident from the said form No.26AS. He submitted that the Ld. CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer has levied penalty does not survive. 11. So far as the observation of the CIT(A) that assessee has not paid the taxes in respect of undisclosed income in due time is concerned, we find from the copy of Form No. 26 AS that the assessee has deposited the tax due there on amounting to Rs. 7,72,500/- on 04.01.2010. The Ld. DR also fairly conceded that the amount has been paid on 04.01.2010 which is much prior to the filing of the return of income as per the entry in Form No.26AS. We, therefore, find merit in the submission of the Ld. Counsel for the assessee that penalty u/s. 271 AAA cannot be levied in the instant case since the assessee has paid the taxes due on the surrendered income much prior to the filing of the return of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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