2018 (2) TMI 1777

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....ty under s.271AAA of the Income Tax Act, 1961 (hereinafter referred to as "the Act") amounting to Rs. 20 lakhs was confirmed by the CIT(A). 2. Briefly stated, a search action under s.132 of the Act was interalia carried out on 06/01/2011 in the residential premises of the assessee along with other group concerns. The assessee an individual filed his return of income on 30/12/2011 for AY 2011-12 declaring total income of Rs. 9,23,27,790/-. The aforesaid return included disclosure of Rs. 2 crores made by the assessee in the course of search in his individual capacity pursuant to statement recorded under s.132(4) of the Act. The assessment was completed under s.143(3) and thereafter penalty of Rs. 20 lakhs was imposed on the assessee by inv....

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....ner' of earning alleged unaccounted income stands disclosed. The Ld.AR submitted that in the absence of any query regarding the 'manner' of income derived 'substantiation' thereof, the ingredients for imposing penalty under s.271AAA of the Act are not fulfilled. The Ld.AR submitted that the assessee has complied with the substantial requirements for eligibility of immunity from penalty under s.271AAA of the Act. It was pointed out that the income disclosed in the search proceedings were duly included in the return of income and taxes were paid thereon on such undisclosed income. 6. The Ld.DR, on the other hand, relied upon the orders of the AO and CIT(A). 7. We have carefully considered the rival submissions and perused the orders of ....