2016 (7) TMI 574

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....r the Respondent ORDER P. C. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 22nd March, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order relates to Assessment Year 200809. 2 The Revenue urges the following questions of law for our consideration: "(a) Whether on the facts and in the circumstanc....

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....laring income of Rs. 7.54 Crores. The assessment was completed under Section 143(3) read with Section 153A of the Act by making certain additions and initiating penalty proceedings under Sections 271AAA and 271(1)(c) of the Act. 4 On 30th June, 2010, the Assessing Officer imposed a penalty of Rs. 60.30 lakhs under Section 271AAA of the Act on an undisclosed income of Rs. 6.03 Crores. This on th....

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.... of diamond which has to be Rs. 4.16 Crores instead of Rs. 4.03 Crores as made in the statement. Thus it held that difference of Rs. 13 lakhs has not been explained by the respondent assessee so as to satisfy Section 271AAA(2) of the Act. Further, it also record the fact that respondent-assessee in his statement made under Section 132(4) of the Act had offered an undisclosed income of Rs. 6.03,00,....

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....gs of the CIT(A) and upheld it by its order dated 28th April, 2011. Moreover, it rendered a finding that the respondent-assessee had not only declared the amounts but given details of their source save to be extent of Rs. 13 lakhs and Rs. 23,376/. Thus, satisfying Section 271AAA(2) of the Act. 8 We find that both the CIT(A) as well as the Tribunal have rendered a finding of fact that an amount ....