TaxTMI 
TaxTMI 
2022 (7) TMI 323
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.... concerning the assessment-year 2016-17. 2. Precisely stated the facts are such a search u/s. 132 of the act was carried out on 17.06.2015 at the premises of Moira Group of Indore including the assessee. During search, the assessee declared undisclosed income of Rs. 8,00,00,000/- u/s. 132(4), out of which income of Rs. 68,34,975/- related to assessment year 2015-16 and remaining income of Rs. 7,31,65,025/- related to the assessment-year 2016-17. The Ld. AO initiated penalty proceedings independently for both of the assessment years and finally imposed penalty of Rs. 6,83,498/- (10% of Rs. 68,34,975/-) and Rs. 73,16,503/- (10% of Rs. 7,31,65,025/-) for assessment year 2015-16 and 2016-17 respectively. Against the penalty-order for assessmen....
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.... disclose specific charge and secondly there is no concealed income as search took place prior to due date of filing of income-tax return. It is also contented that even otherwise the issue is squarely covered in favour of the assessee by the decisions of the Co-ordinate Benches of this Tribunal. 9. A conjoint reading of both these sections would suggest that where a search has been initiated the AO may direct payment of penalty in addition to tax if any payable by him. However, provisions of section 274 and 275 shall so far as may apply in relation to the penalty referred to in section 271AAB of the Act. As per section 274 of the Act no order imposing a penalty shall be made unless the assessee has been heard, or has been given a reasona....
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....lowed." 5. Ld. AR argued that the total undisclosed income surrendered by the assessee u/s. 132(4) was Rs. 8,00,00,000/- which had two components, viz. Rs. 68,34,975/- related to assessment year 2015-16 and Rs. 7,31,65,025/- related to assessment-year 2016-17. Ld. AR argued that the factual matrix of the surrender and assessment of both components is same and there is no difference whatsoever. Ld. AR further carried our attention to the Page No. 66 of the Paper-Book where a copy of the show-cause notice dated 30/11/2017 issued by Ld. AO u/s. 274 read with section 271AAB for assessment-year 2016-17 under consideration is placed. Thereafter, Ld. AR carried our attention to the Page No. 133 of the Paper-Book where a copy of the show-cause not....