TaxTMI 
TaxTMI 
2016 (5) TMI 1346
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....ed 19th June, 2012 were that a search u/s 132 was conducted on 22- 01-2010 at the premises of M/s Nandini Realtors P. Ltd. On investigation it was found that the assessee had purchased the land at Nagpur vide a sale deed registered on 18-01-2010. The consideration disclosed was at Rs. 2,75,65,000/-. During the course of search a statement was recorded u/s 132(4) of I.T. Act and therein it was admitted that over and above the sale consideration a cash of Rs. 2 crore was also paid. The AO has recorded that because of the said statement recorded u/s 132(4) the actual sale consideration of the land was at Rs. 4,75,65,000/-. The offered amount of Rs. 2 crores was disclosed as per the income-tax return filed for assessment year 2009-10 and 2010-1....
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....flected in the books of accounts in the case of the appellant. The appellant had filed the return of income on 15/10/2010 which was revised on 07/12/2011 declaring the total income of Rs. 2,15,60,620/-. The assessment order u/s.143(3) was completed on 27/12/2011 accepting the returned income. However, the AO. had initiated the penalty u/s.271AAA of the I T Act stating that the appellant has failed to specific and substantiate the manner in which the undisclosed income had been derived. The AO. has stated that the appellant remained silent on the issue and accordingly he levied the penalty. The AR. of the appellant on the other hand has argued vehemently that the penalty levied is duly unjustified as all the conditions as mentioned u/s.27....
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....ear under consideration and the same has been accepted by the A.O. by accepting the business income. The AR. of the appellant has furnished a copy of the P&L account and Balance sheet of the assessee in this regard during the appellate proceeding. On going through the P& L account of the assessee for F.Y. ending on 31/3/2010 it is clearly seen that the appellant has shown Rs. 2 crore as other income credited in its P&L account. From this it is evident that the appellant has declared Rs. 2 crore as other income (business income) which has been duly credited in the P&L account. Thus, there is an iota of doubt that the appellant had not declared the same as business income. Further, once the same has been declared as business income and has be....
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....n dispute that a search u/s 132 was conducted and thereupon it was found that the assessee has purchased a land as per the registered deed wherein the consideration money was Rs. 2,75,65,000/-. A statement u/s 132(4) was recorded and after confronting with the evidences an amount of Rs. 2 crores was offered being cash consideration over and above the sale consideration mentioned in the registered deed. As a consequence a revised return was filed. The assessment was completed u/s 143(3) and the income was assessed at Rs. 2,15,60,620/-. We have been informed that the surrendered amount u/s 132(4) was accepted as such by the AO. There is no dispute that the tax on the amount offered had also been paid by the assessee. In the light of the above....