TaxTMI 
TaxTMI 
2014 (1) TMI 805
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....s filed by the revenue against the order passed in ITA No. 367/Coch/2011 of the Income Tax Appellate Tribunal, Cochin Bench. 2. The facts of the case would disclose that a search was conducted under S. 132 of the Income Tax Act at the business premises of the assessee on 11.10.2007. Pursuant to the same, the assessee had filed return of income on 30.9.2008 declaring a total income of Rs. 8,39,77,....
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....d in coming to the conclusion that Section 271AAA has no application in the facts and circumstances of the case. It is contended that during the course of penalty proceedings, it was noticed that there was discrepancy in the accounts aggregating to Rs. 39,30,732/- for the assessment year 2008-2009. Since the assessee had admitted Rs. 1.21 crores as additional income in their return, no separate ad....
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....n to come to a conclusion that the assessee had violated S.271AAA. The Tribunal also found that while filing the return the assessee has shown a sum of Rs.1.2 crores over and above what was returned in the earlier years and after assessment when it is found that the income was only Rs. 8,41,37,212/- as against the admitted disclosed income of Rs.8,39,77,210/-, there was no reason to impose any pen....