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TMI Blog2019 (11) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... and related activities pertaining to F.Y. 2012-13 and F.Y. 2013-14 which were not recorded in the books of account as per statement u/s. 132(4) dated 30.08.2013 - there was no pin pointed question posed by the search team in regard to incriminating material/documents related to such undisclosed income. CIT(A) has confirmed the penalty u/s. 271AAB on the assumption bases by stating that admitted undisclosed income may be directly related to entries in loose papers and transactions not recorded in the books of accounts found subsequently during the course of search on 28.10.2013. Lower authorities have failed to establish that assessee has disclosed the income with reference to any specific loose papers/asset etc. AO has failed to substantiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income on 27.01.2014 for A.Y. 2013-14 declaring total income at ₹ 2,61,78,280/- which included the income of ₹ 2 crore declared during the search proceedings. The assessment u/s. 153A r.w.s. 143(3) was completed on 29.02.2016 assessing the total income at ₹ 2,64,09,280/-. The AO has initiated the penalty proceedings u/s. 271AAB and levied penalty of @10% on the undisclosed income of ₹ 2 crore vide order dated 22.08.2016 u/s. 271AAB of the Act. During the course of penalty proceeding the assessee has contended that he has voluntarily made disclosure of ₹ 2,00,00,000/- and also explained the source of earning the said income to the AO vide letter dated 12.09.2013 and same was offered in the original return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the group and there was no reference to any material found during the course of search. Further no document found which showed additional income of ₹ 10.51 crores. It is also contended that the assessee has already made disclosure in the statement on 30.08.2013 and also in letter dated 12.09.2013 whereas the Annexure-B1 was found and seized on 28.10.2013. The Ld. Counsel has referred the following judicial pronouncements: " Name of Decision Citation/ITA No. 1. ACIT vs. Knawar Sain Gupta, ITAT Kolkata ITA No. 538/Kol/2017 2. DCIT vs. Liadhar Agarwala, ITAT Kolkata ITA No. 1605/Kol/2017 3. ACIT vs. Marvel Associates , ITAT Vishakhapatnam [2018] 170 ITD 353 (Vishakhapatnam) 4. ACIT vs. Mothukuri Somabrahmam V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the undisclosed income of the specified previous year, if such assessee- (i) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived; (ii) substantiates the manner in which the undisclosed income was derived; and (iii) on or before the specified date- (A) pays the tax, together with interest, if any, in respect of the undisclosed income; and (B) furnished the return of income for the specified previous year declaring such undisclosed income therein; (b) a sum computed at the rate of twenty per cent of the undisclosed income of the specified previous year, if such assessee- (i) in the course of the searc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und to be false and would not have been found to be so had the search not been conducted.]" In this regard, we have noticed that AO has not specified any document assets and entry during the course of search which indicate that assessee's additional undisclosed income, represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. The assessee has made disclosure of ₹ 10.51 crore on account of the fact that certain income out of the real estate development and land related activities pertaining to F.Y. 2012-13 and F.Y. 2013-14 which were not recorded in the books of account as per statement u/s. 132(4) dated 30.08.2013. It is also noticed that there was no pin pointed question pose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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