2019 (1) TMI 538

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....r Singh, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Revenue is in appeal before the Tribunal against order of the ld.CIT(A)-11, Ahmedabad dated 3.12.2015 passed for the assessment year 2012-13. 2. Sole grievance of the assessee is that the ld.CIT(A) has erred in deleting penalty of Rs. 29,50,690/- which was imposed by the AO under section 271AAA of the Income tax Act, 1961. 3. ....

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.... assessee was recorded under section 132(4) of the Act. It was admitted in the statement that on-money was received for sale of land at Gatrad which was not accounted in the books. The assessee has paid taxes along with interest on this undisclosed income admitted during the course of search. The ld.CIT(A) was satisfied with the explanation of the assessee and observed that he has fulfilled all....

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....he specified previous year. (2) Nothing contained in sub-section (1) shall apply if the assessee,- (i ) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived; (ii ) substantiates the manner in which the undisclosed income was derived; and (iii....

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.... under section 132(4) of the Act at the time of search. Thus, so far as first condition is concerned, the assessee should admit the undisclosed income in a statement given under subsection (4) of section 132, that condition has been fulfilled The assessee has admitted additional income of Rs. 40 crores whose break up has been given in the explanation given before both the Revenue authorities. The ....