TaxTMI 
TaxTMI 
TaxTMI 
2020 (12) TMI 850
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 50 Lakhs, which has been sustained by the Ld. CIT(A) on the ground that the payment of taxes were not made on the amount surrendered within the due date. 3. The facts in brief are that, a search and seizure action under section 132(1) was carried out at the business premises of the assessee on 02.09.2009. During the course of search, the assessee company had made disclosure/surrender of Rs. 5 Crores in the statement recorded u/s. 132(4) of the Act. Based on documents/hand written diaries found and seized from the premises of the assessee which reflected the various hand written transactions with regard to cash receipts, not recorded in regular books of accounts. 4. The assessee in the return of income filed u/s. 153A had offered this in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ogether with interest in respect of surrendered income. In response, the assessee submitted that the due date of filing of income tax return for AY 2010-11 was 15.10.2010 and the assessee had filed return of income on 27.09.2010 and advanced tax liability was discharged by the assessee in time. In support, a copy of Form No. 26AS together with copy of computation of income was also filed. It was also informed that the amount of cash seized of Rs. 55,18,650/- was further adjusted towards the total tax liability of the assessee, but the credit of such seized cash could not be reflected in the particulars of Form 26AS of the assessee. From 'Form 26AS', the Ld. CIT(A) inferred following facts:- "In the computation of income, the total....
X X X X Extracts X X X X
X X X X Extracts X X X X
....red at Rs. 13,15,50,160/- which included the surrendered amount of Rs. 5 Crores. The details of prepaid taxes were as under:- Sr. No. BSR Code Date Challan No. Amount 1 0202976 10.06.2009 00283 5000000 2 0202976 10.06.2009 00295 1000000 3 0202976 12.06.2009 00128 5000000 4 0202976 14.09.2009 03087 5000000 5 0202976 15.09.2009 00805 5000000 6 0202976 14.12.2009 01455 3000000 7 0202976 13.03.2010 00684 15000000 8 0202976 15.09.2009 00805 5518650 Total 44518650 10. He also drew our attention to ITNS which is part of assessment order dated 28.12.2011, wherein, the credit of taxes has been given by the Assessing Officer. Insofar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he dates of payments of taxes. He further submitted that the Assessing Officer has levied penalty on the ground that manner in which the undisclosed income was earned and the assessee could not substantiate the same. Therefore, on this ground also, the penalty is leviable. 13. We have heard the rival submissions and also perused the relevant findings given in the impugned order as well as material placed before us. The Assessing Officer has levied the penalty of Rs. 50 Lakhs on the ground that the assessee at the time of surrender had failed to satisfy and substantiate the manner in which the undisclosed income has been earned. However, the Ld. CIT(A) had rejected the Assessing Officer's charge and categorically held that the condition....