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TMI Blog2023 (8) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... eciating the facts in the right perspective and no ground is made out to interfere therein. No substantial question of law arises for consideration. - Hon'ble Ms. Justice Ritu Bahri And Hon'ble Mrs. Justice Manisha Batra For the Appellant : Ms. Gauri Neo Rampal, Senior Standing Counsel ORDER RITU BAHRI, J. This judgment shall dispose of ITA No.21 of 2020 and ITA No.50 of 2020 together as common question of law and facts are involved in both the appeals. For reference, facts are being taken from ITA No.21 of 2020. The appellant has come up in appeals against the common order dated 30.04.2019 (Annexure A-4) passed by the Income Tax Appellate Tribunal, Chandigarh Bench A , Chandigarh in ITA No.1266/Chd/2017 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of search and hence, does not fulfill the conditions for getting immunity from penalty under Section 271AAA of the Income Tax Act. Upon filing of appeal against the said order, the Tribunal observed that the assessee had surrendered an amount of Rs. 14,50,41,000/- on account of the aforesaid discrepancies/unaccounted transactions found during search action. With regard to the remaining amount of Rs. 1,77,00,000/-, which was with respect to the unaccounted transactions, the assessee had surrendered the said amount to cover up further discrepancies, if any, found in the seized documents. The Tribunal returned a finding that the above said amount, which was surrendered, did not relate to any information, which had been got from the se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AA of the Act. With these observations, the appeal filed by the assessee was allowed. Learned counsel for the appellant has not been able to dispute the fact that as per definition of Section 271AAA of the Act, amount of Rs. 1,77,00,000/- would fall in the category of undisclosed income. Hence, as per the above said provisions, the penalty has been rightly deleted by the Tribunal qua surrendering of amount of Rs. 1,77,00,000/-. So far as the amount of Rs. 14,50,41,000/- is concerned, this amount was surrendered keeping in view the discrepancies/unaccounted transactions found in the seized documents during search conducted by the officers of the appellant-department on the premises of the assessee-company. Since unaccounted cash profit wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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