2018 (2) TMI 189

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....n law, the Appellate Tribunal has erred in confirming the order of CIT (A) by ignoring the fact that the assessee has not fulfilled the conditions laid down under Section 271AAA? (B) Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal can delete the penalty when the assessee has not fulfilled the conditions laid down under Section 271AAA as the assessee neither specified the manner of undisclosed income nor the substantiate the manner in which the income was derived?" 2. In the present case, the search and seizure proceedings under section 132 of the Income Tax Act, 1961(herein after referred as "the Act") was carried out at the business as well as the residential premises of the Infrastr....

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.... I. The Project details along with Floor, number of Flats, Carpet area, built up area and superbuilt up area. II. Name of the purchasers along with PAN and address. III. Details of registered amount and on money received from the purchasers. IV. If the above details were submitted to the Assessing Officer, then assessee was entitled for immunity under Section 271AAA, but no such details were neither provided nor verified by the Assessing Officer. 5. Mrs. Kalpana Raval, learned senior standing counsel for the appellant submitted that section 271AAA of the Act is a penal provision and if the assessee wants immunity from the penalty then he has to fulfill the three conditions mentioned therein, but in the p....

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....es 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 subsection (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in subsection (1)." 7. In the present case, the assessee has admitted the undisclosed income in the statement given under subsection (4) of section 132. He has also provided all the details to that effect, and has offered an income of Rs. 6.50 crores. It was clearly explained in the statement dated 20.01.2011 recorded u/s.132(4) of the Act that the unaccounted income represented net taxable income of the p....