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TMI Blog2018 (7) TMI 2054X X X X Extracts X X X X X X X X Extracts X X X X ..... e recording his statement under section 132 (4) of the Act as regards the manner of deriving such income, the Revenue cannot jump to the consequential or later requirement of substantiating the manner of deriving the income. In the context of the requirement of the assessee specifying the manner of deriving the income the decision of this Court in case of Commissioner of Income Tax vs. Mahendra C.Shah [ 2008 (2) TMI 32 - GUJARAT HIGH COURT ] would hold the field even in the context of sub-section (2) of section 271AAA of the Act. It is only when the officer of the raiding party recording the statement of the assessee under section 132(4) of the Act elicits a response from the assesse s this requirement, the assessee s responsibility to subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act, Sub Section (2) of Section 271AAA of the Income Tax Act namely that the assessee must have admitted the undisclosed income in the course of search and in a statement under Sub Section (4) of Section 32 the assessee should specify the manner in which such income has been derived. According to the Assessing Officer as the assessee did not disclose /specify the manner in which the undisclosed income was derived, and therefore, penalty under Section 271AAA of the Income Tax Act was levied. [3.0] Learned CIT(A) deleted the said penalty levied under Section 271AAA of the Income Tax Act, which has been confirmed by the learned Tribunal, after following the decision of the Division Bench of this Court in the case of Principal Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 271AAA of the Act. It is only when the officer of the raiding party recording the statement of the assessee under section 132(4) of the Act elicits a response from the assesse's this requirement, the assessee's responsibility to substantiate the manner of deriving such income would commence. When the base requirement itself fails, the question of denying the benefit of no penalty would not arise."
[4.0] Considering the aforesaid decision of the Division Bench of this Court, it cannot be said that the learned Tribunal has committed any error and /or any question of law, much less substantial question of law arises. Under the circumstances, present Tax Appeal deserves to be dismissed and is accordingly dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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