2020 (3) TMI 1412

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....e : Shri Lalit P Jain-Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeals by assessee for Assessment Years [in short referred to as 'AY'] 2013-14 & 2014-15 contest common order of Ld. CIT(A), Ahmedabad qua confirmation of penalty u/s.271AAB. The quantum of penalty for AY 2013-14 is Rs.20 Lacs whereas the quantum of penalty for AY 2014-15 is Rs.15 Lacs. 2. The Ld.....

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....osure of Rs.200 Lacs for AY 2013-14 and Rs.150 Lacs for AY 2014-15. The disclosure was on account of inflated expenses. The said disclosure was reflected in the returns of income for these years. Consequently, penalty proceedings u/s 271AAB, as applicable for the period of search, was initiated and the assessee was saddled with impugned penalties vide separate orders both dated 22/08/2016. The sam....

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....es other entities. In the case of assessee, the disclosure was on account of inflated expenses. However, no incriminating material was found during search operations and the undisclosed income was not represented by any money, bullion, Jewellery or other valuable article or thing or any entry in the books of accounts. None of the entries in the books was found to be false and the disclosure was vo....