2016 (7) TMI 1008

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....the search and seizure action. During the course of search cash of Rs. 54. 97 lakhs, kept into bank lockers standing in the name of the assessee, was seized. In the assessment completed, u/s. 143(3) of the Act, the AO brought to tax the seized cash as income from undisclosed sources holding that the assessee had failed to explain the sources of income of seized cash. He also initiated penalty proceedings u/s. 271AAA of the Act. 2. In the course of penalty proceedings, before the AO, the assessee argued that cash seized represented his professional income for the year under consideration, that same had been kept in the locker for safety purposes. However the AO did not consider the said explanation is tenable. He held that neither during ....

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....pecifically asked to give details such as to whom consultancy/ advocacy services were provided and the details of remuneration received, that the assessee showed his inability to give the required details, that all the conditions were clearly for escaping the rigours of penalty which had been cumulatively satisfied, that the assessee had not complied with all the conditions as stipulated in subsection (2)of section 271 AAA. Finally, he upheld the order of the AO. 4. Before us, the Authorised Representative(AR)argued that the assessee had fulfilled all the conditions stipulated in the section, that cash represented his professional income, that he had left the employment of Ispat four months before the seizure took place, that the assesse....