9911796707
TMI Blog2017 (9) TMI 1827X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. In the present appeal Revenue has raised following ground: " Whether the Ld. CIT(A) has erred in deleting the penalty of Rs. 32,48,000/- out of the total penalty of Rs. 49,13,280/- imposed u/s 271AAB(1)(c) of the Income Tax Act, 1961 without appreciating the fact that the assessee has failed to file the return of income within the specified time as prescribed in notice u/s 153A r.w.s 271AAB of the Income Tax Act, 1961 and in fact there was inordinate delay of more than one year which cannot be set to be reasonable and also failed to substantiate the manner of deriving the income of Rs. 1,60,00,000/- surrendered during search.". 4. A search and seizure operation u/s 132 of the Income Tax Act was carried out at the residential and bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r his authorized representative attended the proceedings nor any written submissions received. 6. The AO held that it is a matter of record that the search operation in the instant case was carried out on- 30.01.2013. The due date for filing of the return of income of the specified previous year i.e. A.Y. 2013-14 is 31.07.2013.However, no return of income received by the specified date. Consequently, a notice u/s 142(1) r.w.s. 153A of the Act, calling for the return of income of the specified previous year i.e. A.Y. 2013-14 was issued on and the same was served on the assessee on 23.08.2013. However, as per facts on record, the assessee filed his return of income for the specified year on 09.11.2014 i.e. after the specified date. 7. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter allowing of filing of Income Tax Return beyond the date wide letter dated 20-09-2013 as his files were misplaced. 11. Since assessee has paid taxes by 15/03/2013 no benefit is accrued by delaying the return. And hence we find no reason to interfere in the order of the Ld.CIT (A) on this issue. 12. In the Cross Objection the assessee has taken ground that the Ld. CIT(A) has not given any finding regarding the ground of penalty proceeding were initiated of only addition of Rs. 1,37,598/-. 13. The Assessing Officer made addition Rs. 1,37,598 on the account of investment made in the jewellery and levied penalty of Rs. 41,280 @30% on the undisclosed income. As the assessee has not disclosed the amount in either during the search or in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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