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TMI Blog2024 (10) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosures. As we read the order of the ITAT it is manifest that the assessee/appellant failed to meet the aforesaid requirements. We consequently find no merit in the instant appeal. Appeal dismissed. - Hon'ble Mr. Justice Yashwant Varma And Hon'ble Mr. Justice Purushaindra Kumar Kaurav For the Appellant : Mr. Sumit Lalchandani, Mr. Salil Kapoor, Mr. Shivam Yadva and Mr. Utkarsh Kumar Gupta, Adv. For the Respondents : Mr. Aseem Chawla, Sr.SC with Ms. Monica Benjamin, Jr.SC, Ms. Pratishtha Chaudhary and Ms. Nivedita, Advs. ORDER 1. The assessee impugns the order of the Income Tax Appellate Tribunal [ ITAT ] dated 30 May 2018 and proposes the following questions for our consideration:- (I) Whether the ITAT proceeding on an errone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 271AAA of the Act. Although the Assessing Officer [ AO ] had held against the appellant, the Commissioner of Income Tax (Appeals) [ CIT(A) ] allowed the appeal which had been preferred principally on the ground that the assessee had not been queried with respect to the issue of specification and substantiation of the income which was rendered. 3. While dealing with the aforesaid view as taken, the ITAT has held as follows:- 5. Undisputedly, during the search and seizure operation conducted at the business and residential premises of the assessee u/s 132(1) on 11.12.2009, assessee surrendered additional income of Rs. 21 crores. It is also not in dispute that in the return filed by the assessee for A Y 2010-11, assessee declared undi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled to satisfy the conditions laid down in section 271AAA (2) so as to get the general amnesty u/s 271AAA(2) because the assessee has neither specify the manner nor substantiate the manner in which the undisclosed income was derived. 4. As we read Section 271AAA(2) of the Act, it becomes manifest that an escape from the imposition of a penalty is dependent not only on a disclosure of income having been made in the course of a statement recorded under Section 132(4) of the Act but the assessee also standing obligated to specify the manner in which that income had been derived and thereafter substantiate the said disclosures. 5. As we read the order of the ITAT it is manifest that the assessee/appellant failed to meet the aforesaid requireme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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