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2018 (11) TMI 1820

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....es of Mica Mod Group on 21.12.2012, the assessee admitted undisclosed income of Rs.10 lakhs and in the year under consideration declared income of Rs.4,75,000/- which was accepted in the assessment. Thereafter, the Assessing Officer levied penalty u/s. 271AAB for Rs.1,42,500/- being 30% of the undisclosed income of Rs.4,75,000/-. 4. On appeal, the CIT(A) reduced the same to 20% of the undisclosed income. 5. Still aggrieved, the assessee is in appeal before the Tribunal. 6. Before me, ld Authorised representative relied on the decision of Kolkata Bench of the Tribunal in the case of ACIT vs. Sri Kanwar Sain Gupta in ITA No.538/Kol/2017 for assessment year 2013-14 order dated 29.6.2018 , wherein, the Tribunal deleted penalty. It was submit....

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....AB (1)(a).. This section reads like sum computed at the rate of ten per cent of the undisclosed income of the specified previous year.  Thus, it is clear that in order to levy penalty two things are essential (1) undisclosed income and (2) specified previous year. Here in this case Rs. 1 crore 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 one cannot point out which amount of undisclosed incom....