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2017 (10) TMI 935

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....reinafter referred to as the "Act"). Since the facts are identical, we propose to adjudicate the case of Shri Pawan Kumar Khaitan in ITA No. 1056/Kol/2015 as the lead case. 2. The brief facts of the case are that a search operation u/s. 132 of the Act was conducted in Rahee Group of cases on 22.09.2011. The search operation was also conducted at the residential and office premises of the assessee. In course of search operation the assessee admitted additional income of Rs. 1.50 cr. for taxation in the statement recorded u/s. 132(4) of the Act for AY 2012-13. The AO initiated 153A proceedings against the assessee from AY 2006-07 to 2011-12. Since the search happened in the year under consideration i.e. AY 2012-13, the assessee had filed his....

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....ces of the case. We note that the assessee did not remit the tax together with interest while filing his return of income. However, nothing turns around on this score because sec. 271AAA of the Act does not prescribe any time limit for payment of taxes. We find that this issue has already been decided by the Coordinate Bench of this Tribunal in DCIT Vs. Pioneer Marble & Interior reported in 19 Taxman 391 wherein it was held "in our considered view, therefore, on the facts of the present case wherein the entire tax and interest has been duly paid well within the time limit for payment of notice of demand u/s. 156 of the Act and well before the penalty proceedings were concluded. The assessee could not be denied the immunity u/s. 271ÀA....

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....radeep Khaitan 2011-12 200 2 Pawan Kumar Khaitan 2011-12 150 3 Ravi Khaitan 2011-12 150 4 Rahee Infratech Ltd. 2011-12 700     total 1200   4. The disclosure made in Para 4 above belongs to Financial year 2011-12 and/or is represented, either wholly/partly, by the entries in the material seized from various locations and may also be represented by nay money; bullion, jewellery or other valuable articles or thing, which may have been found in the course of operation. 5. It is submitted that the cash seized amounting to Rs. 4,00,000/- from the residential premises may please be adjusted with the taxes payable by Rahee lnfratech Ltd. against the undisclosed income offered for taxation her....

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....has been derived; (ii ) substantiates the manner in which the undisclosed income was derived; and (iii ) pays the tax, together with interest, if any, in respect of the undisclosed income. (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1). (4) The provisions of sections 274 and 275 shall, so far as may be, apply in relation to the penalty referred to in this section. Explanation.-For the purposes of this section,- (a ) "undisclosed income" means- (i) any income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable articl....

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.... is represented by any money, bullion, jewellery or other valuable article or things or any entry in the books of account or other documents or transactions found in the course of search which has not been recorded in the books of account on or before the date of search. However, as apparent from the assessment order, there is no finding of the AO that in the case of assessee there was anything found in the course of search which was not recorded in the books of account. We are of the opinion that merely for the reason that the assessee had admitted additional income in the course of search for taxation, it cannot be said that such admitted income was undisclosed income within the meaning of 'undisclosed income' provided in Explanat....