TaxTMI 
TaxTMI 
2021 (7) TMI 377
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....or short 'the Act'), qua the assessment year 2010-11 on the grounds inter alia that :- "1. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the action of Ld. AO in levying penalty u/s 271AAA of Rs. 18,49,000/-. 2. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the levy of penalty u/s 271AAA of Rs. 18,49,000/- more so when penalty was initiated & levied by Ld. A.O. only on the ground that manner of earning undisclosed income was not substantiated and thus, Ld. CIT (A) has exceeded the jurisdiction. 3. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and ....
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....and seizure operation u/s 132(1) of the Act carried out at the business premises of M/s. Imperial Auto Industries Ltd. Group of cases on 02.09.2009 as well as at the residential premises of assessee, the assessee made surrender of income of Rs. 1,84,90,000/- on account of investment made by him in cash, jewellery and properties. It is also not in dispute that assessee has surrendered income of Rs. 1,84,90,000/- in his return of income filed in response to notice u/s 142 (1) of the Act. It is also not in dispute that the assessee has already paid income-tax along with interest on the surrendered amount. 6. In the backdrop of the aforesaid facts and circumstances of the case, arguments addressed by the ld. Authorized Representatives of the p....
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..... Undisputedly, as per computation of income, total tax payable by the assessee was Rs. 75,90,283/- out of which Rs. 11,74,362/- was deducted as TDS and the balance tax payable was shown in Form 26AS of the assessee as under :- (i) Deposited in Bank Rs. 37,13,410 (ii) Cash seized by adjusted Rs. 30,00,000 (iii) Self assessment tax paid Rs. 8,05,274 11. It is also not in dispute that the date of search was 02.09.2009 and the date of filing return was 31.07.2010 whereas the return was filed by the assessee on 27.10.2010. Ld. CIT (A) after perusing Form 26AS reached the conclusion that the assessee has paid tax beyond due date of return amounting to Rs. 58,37,005/- detailed as under :- Date of Deposit Tax paid 15.10.2010 ....
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....on account of jewellery amounting to Rs. 55,00,000/-; that the assessee was entitled to adjustment of seized cash amount towards advance tax liability; that order dated 15.06.2017 (supra) passed in quantum proceedings has attained finality having not been challenged further. In these circumstances, findings returned by ld. CIT (A) that assessee is not entitled for credit of amount of cash seized of Rs. 30,00,000/- towards advance tax liability, are not sustainable in the eyes of law. 15. Ld. AR for the assessee drew our attention towards computation of total taxable income available on judicial file as Annexure 'A' wherein he has categorically paid the amount of Rs. 27,13,410/- in the bank, as is evident from page 52 of the paper book and ....