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TMI Blog2020 (12) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... the allegation in the charge of the Ld. CIT(A) is completely divorced from the facts and material on record. Accordingly, ground which the Ld. CIT(A) has confirmed the penalty is dismissed. Apart from that, precisely on similar issue and on similar findings of the Ld. CIT(A) in the group cases of the assessee, the Tribunal has come to an independent conclusion that the Ld. CIT(A) has wrongly inferred/interpreted the Form 26AS and therefore, the finding of the Tribunal will also apply mutatis mutandis in this appeal also. Accordingly, the penalty of ₹ 50 Lakhs levied u/s. 271AAA of the Act is directed to be deleted. - ITA No. 4448/Del/2016 - - - Dated:- 3-12-2020 - G. S. Pannu, Vice President And Amit Shukla, Member (J) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings u/s. 271AAA and held that at the time of surrender, the assessee could not specify and substantiate the manner in which the undisclosed income was earned. In response, the assessee has filed a detailed reply, however, the Assessing Officer levied penalty purely on the ground that the assessee has failed to specify the manner in which the undisclosed income was earned and accordingly, the penalty @ 10% of the surrendered amount was levied, which worked out at to ₹ 50 Lakhs. 6. Before the Ld. CIT(A), the assessee contended that it has substantiated the manner of earning of undisclosed income which was duly accepted by the Ld. CIT(A) in the following terms:- In view of the facts of the case, submissions made by the appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50/-. The breakup of payment of these taxes is given in the details as per Form 26AS for the year under consideration filed during the appellate proceedings. Date of Deposit Total tax 28.08.2015 ₹ 5,56,167/- 28.08.2015 ₹ 7,69,128/- 20.08.2014 ₹ 50,00,000 17.04.2014 ₹ 250 29.03.2014 ₹ 49,96,663 17.04.2013 ₹ 10,000 13.04.2012 ₹ 32,84,449 10.01.2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 0202976 10.06.2009 00295 1000000 3 0202976 12.06.2009 00128 5000000 4 0202976 14.09.2009 03087 5000000 5 0202976 15.09.2009 00805 5000000 6 0202976 14.12.2009 01455 3000000 7 0202976 13.03.2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e also, there is no specific date which has been prescribed for payment of taxes in section 271AAA and even if the taxes are paid at the stage of penalty proceedings also, the same has to be reckoned as tax paid on the surrender amount. On this proposition he has filed various judicial pronouncements, which have been placed in the paper book. 12. On the other hand, Ld. DR submitted that the matter can be remanded back to the file of Ld. Assessing Officer/Ld. CIT(A) so as to verify the dates of payments of taxes. He further submitted that the Assessing Officer has levied penalty on the ground that manner in which the undisclosed income was earned and the assessee could not substantiate the same. Therefore, on this ground also, the penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , copy of which has been placed at page 93 of the paper book. It is seen that the assessee has paid all its taxes on the income declared in the return of income on or before 13th March, 2010. Advance tax and the pre-paid taxes of ₹ 4,45,18,650/- were paid between the periods 10th June, 2009 to 13th March, 2010. The relevant dates of the taxes paid has already been incorporated above, however, same is also reflected in Form 26AS. The relevant portion as a scan is reproduced here under:- 15. The Ld. CIT(A) has only incorporated the figures given at serial number 1 to 10 and has failed to consider the taxes deposited from serial number 11 to 17 which was not on account of income shown in the return of income. Further, this fact h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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