2018 (6) TMI 1559

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....he 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 exparte against him. 2. Learned CIT (DR) veheme....

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....pulated 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 seized. Nothing incriminating/no evidences were found reg....

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....tatement 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 one cannot point out which amount of undisclosed income pertains....

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....y 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 in Explanation (c) thereto. There is no material in the case fil....