2021 (4) TMI 43

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....dated 31/03/2017 relevant to the Assessment Year 2011-2012. 2. The assessee has raised the following grounds of appeal: 1. The learned CIT(A) has erred in law and on facts in confirming the penalty of Rs. 5,62,500/- levied by the AO u/s. 271AAA of the Act without proper consideration and appreciation of the facts of the case. In view of the facts of the case and elaborate submissions filed coupled with the legal decisions relied upon, the appellant's case does not fall within the scope of provisions of Section 271AAA of the Act. Accordingly, the impugned penalty of Rs. 5,62,500/- requires to be quashed/cancelled. 2. The learned CIT(A) has erred in law and on facts while confirming the penalty while observing that th....

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....urn. The income declared by the assessee in the return of income was accepted by the AO in the assessment framed under section 143(3) r.w.s. 153A of the Act vide order dated 28th of March 2014. However the AO initiated the penalty proceedings under section 271AA of the Act which was subsequently confirmed at Rs. 5,62,500/- being 10% of the undisclosed income in the order framed by the AO dated 31/03/2017. 5. On the appeal before the learned CIT(A), the penalty order came to be confirmed by him vide order dated 08/05/2018. 6. Being aggrieved by the order of the learned CIT (A) the assessee is in appeal before us. 7. The learned AR for the assessee before us has filed the written submission running from pages 1 to 18 challenging the ....

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....00/- on A/C undisclosed payment received on sale of land at TP-50 survey No. 76/1/2/29. This disclosure is on the basic fact & findings of the search. However, the assessee has shown this as business income and claimed loss. 9.3. From the preceding discussion, we find that the assessee has disclosed the unaccounted income from the sale of land which has not been doubted by the authorities below. Thus, it is transpired that that the assessee complied with the conditions provided under sub-section 2 of section 271AAA of the Act. 9.4. The onus is on the Revenue Authorities to show as to how and in what manner conditions of section 271AAA(2) had not been complied with. In this regard we find support and guidance from the judgment of Hon&#....