TaxTMI 
TaxTMI 
2013 (2) TMI 734
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....DENT - This appeal is filed by the Revenue. The relevant assessment year is 2009-10. The appeal is directed against the order of the CIT(A)-II at Madurai, dt. 11th May, 2012. The appeal arises out of the penalty levied under s. 271AAA of the IT Act, 1961. 2. There was a search in the present case under s. 132. In the course of search, on the basis of materials found therein, the assessee had adm....
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.... statement under s. 132(4) in the course of search, admits the undisclosed income. 2. Further, he specifies the manner in which such income has been derived. 3. He substantiates the manner in which the undisclosed income was derived. 4. He pays the tax together with interest, if any, in respect of the undisclosed income. 4. The CIT(A) found that the assessee has admitted the income in the c....
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....l these things, he offered the entire admitted income through a revised return. According to him, all the conditions laid down in s. 271AAA have been complied with by the assessee and, therefore, the CIT(A) has rightly deleted the penalty. 7. We find that the AO was carried away by the original return filed by the assessee, wherein originally the income admitted in the course of search was not re....