2018 (6) TMI 1559

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....al for A.Y.2013-14 falls into question the CIT(A)-20, Kolkata's order dated 02.01.2017 in Appeal No.1343/CIT(A)-20/CC-2(3)/15-16 reversing the Assessing Officer's imposing penalty of Rs. 10,00,000/- in his order dated 23.02.2016, involving proceedings u/s 271AAB of the Income Tax Act, 1961 (in short the 'Act '). Case filed perused. None appeared at assessee's behest. We therefore proceed expart....

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....he ground that all the relevant conditions stipulated therein stood duly satisfied qua the above stated undisclosed income. The CIT(A) reverses the Assessing Officer's action as follows : "I find that during the search and seizure operation u/s 132 in this case no evidences regarding concealment/undisclosed income in the form of cash seizure/papers/documents/stock etc were found and se....

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....ore was offered for taxation by the assessee suo moto in the statement recorded at the time of search. From the ratio decided by the Hon'ble Supreme Court in the case of Sudarshan Siik & Saries (supra), it is clear that only the statement of the assessee without any corroborating evidence cannot be the only basis for levying penalty. Here it is also clear that from the statement of the assessee on....

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....ntal Representative argued that the Assessing Officer had rightly imposed the impugned penalty in assessee's case @10% of his undisclosed income of Rs. 1 crore coming Rs. 10,00,000 in question. We find no substance in Revenue's instant arguments. We first of all make it clear that section 271AAB of the Act applies in relation to the impugned penalty @10% of the undisclosed income as stood defined ....