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TMI Blog2025 (2) TMI 917X X X X Extracts X X X X X X X X Extracts X X X X ..... .05.2015, produced in the course of proceeding before us and a perusal of the same shows that though certain valuables were found in the locker of the assessee however, the assessee had not made any disclosure in the statement recorded while the locker no. 932A was subjected to search and seizure on 08.05.2020. Hence, as the disclosure did not relate to the finding of the search and was made suo motu and though the Ld. AO has referred to certain seized documents in the penalty order, but he has not corelated how the disclosure of Rs. 50 lakhs had any reference to the seized documents; therefore, the disclosure could not be treated as undisclosed income for the purpose of imposition of penalty u/s 271AAB and the penalty imposed is liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys only your honour. This is my appeal your honour and I need to represent and pursue the case in my interest. I sincerely submit your honour that delay was purely unintentional, accidental and without any malafide intention on my part and was beyond my control. In view of the above a sincere pray is made before the hon'ble ITAT for the condonation of delay in filing this appeal as otherwise your applicant will suffer irreparable loss. Hope the matter would be considered favorably to meet the end justice." Affidavit seeking condonation of delay: "I, Poonam Mohta, wife of Sri Shrivardhan Mohta, the appellant hereof residing at 6/2, Queens Park, Ballygunge, Kolkata 700 019, having PAN AEZPM1243A do hereby solemnly affirm and decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... text ought not to be levied. 2) That the appellant craves leave to add, amend, alter or delete the ground or grounds of appeal." 3. Rival contentions were heard and the submissions made have been examined. It was submitted before the Bench that the penalty u/s 271AAB of the Act is not leviable as the voluntary disclosure made by the assessee does not come under the purview of section u/s 271AAB of the Act. Our attention was drawn to page 8 of the paper book being the assessment order, wherein the assessee's disclosure of a sum of Rs. 50 lakh has been added in the computation of the total income. It was submitted that neither any incriminating material was found nor the notice was free from defect as the notice did not specify under which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search under section 132, which has- (A) not been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year; or (B) otherwise not been disclosed to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner before the date of search; or (ii) any income of the specified previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other documents maintained in the normal course relating to the specified previous yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d income of the assessee and on that basis initiated penalty proceeding under section 271(1)(c) then consequential notice under section 274 issued by Assessing Officer to assessee to afford him opportunity of hearing, was specifically a notice for penalty for concealment of particulars of income/undisclosed income. It is also held that such a notice complied with principles of natural justice and was a valid notice under section 274 and Tribunal had committed a manifest error of law by setting aside penalty orders on ground that 'grounds for imposition of penalty were not mentioned in show cause notice under section 274 of Act and thus, show cause notice was defective'. 6.1 However, since no incriminating material was found relating to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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