TaxTMI 
TaxTMI 
2019 (11) TMI 79
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.... appeal against the decision of Ld. CIT(A) in confirming the levying of penalty u/s. 271AAB of the Act, amounting to Rs. 20,00,000/- for A.Y. 2013-14 and similarly in confirming penalty of Rs. 40,10,000/- for A.Y. 2014-15. As the facts and issues are similar in both the appeal filed by the assessee, therefore, for the sake of convenience both are adjudicated together by this common order. 3. The fact in brief is that a search action was carried out u/s. 132 of the Act on the assessee and other member of the group on 30.08.2013. A notice u/s. 153A of the Act was issued to the assessee on 12.12.2013. In response to the notice u/s. 153A the assessee has filed return of income on 27.01.2014 for A.Y. 2013-14 declaring total income at Rs. 2,61,....
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....e AO has also levied penalty u/s. 271AAB to the amount of Rs. 40,10,000/-. 4. Aggrieved assessee has filed appeal before the Ld. CIT(A). The Ld. CIT(A) has dismissed the appeal of the assessee. 5. During the course of appellate proceeding before us the Ld. Counsel has filed Paper Book comprising details and copies of document furnished before AO and CIT(A) at the time of hearing. The Ld. Counsel has contended that during the course of search action the assessee on behalf of the group had voluntarily disclosed additional income of Rs. 10.51 crore and the income so disclosed was also bifurcated in the name of other assessee in the group and there was no reference to any material found during the course of search. Further no document found....
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.... the original return of income filed u/s. 139(1) of the Act on 29.09.2014. The relevant provision of Sec. 271AAB of the Act is reproduced as under:- "(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of July, 2012 [but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President], the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,- (a) a sum computed at the rate of ten percent of the undisclosed income of the specified previous year, if such assessee- (i) in the course of the search, in a statement und....
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....section 132, which has-] (A) not been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year; or (B) otherwise not been disclosed to the [Principal Chief Commissioner or] Chief Commissioner or [Principal Commissioner or] Commissioner before the date of search; or (ii) any income of the specified previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other documents maintained in the normal course relating to the specified previous year which is found to be false and would not have been found to be so had the search not been conducted.]" In this regard, we have noticed t....