TaxTMI 
TaxTMI 
TaxTMI 
2022 (10) TMI 412
X X X X Extracts X X X X
X X X X Extracts X X X X
....me-tax (Appeals) erred in recording various observation in the appellate order are contrary to the provisions of the law and also against the law decided by the hon'ble courts. 4. That on the facts and in the circumstances of the case, the learned Commissioner of Income-tax (Appeals) erred in not considering the explanation and judicial decisions referred by the appellant. 5. That the petitioner may kindly be permitted to raise any additional or alternative grounds at or before the time of hearing. 6. The petitioner prays for justice and relief. The assessee has also raised an additional ground vide an application received in this office on July 28, 2020 which reads as under : "That the show-cause notice issued under section 274 read with section 271AAB(1) of the Act, is quite vague and did not at all specify the specific clause of section 271AAB of the Act under which the penalty was initiated, i. e., whether it is for clause (a) or clause (b) or clause (c) of section 271AAB(1) because the conditions for imposing the penalty under each such clauses are separate. The impugned penalty based on such a notice being contrary to the provisions of law and facts kindly be qu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sp; Dated 27-12-2017 Notice No. Notice under section 274 read with section 271AAB(1) of the Income-tax Act, 1961 Sir/Madam, Whereas in the course of proceedings before me for the assessment year 2016-17 it appears to me that a search was conducted in your case and you were found to have undisclosed income. You are hereby requested to appear before me either personally or through a duly authorised representative at 10.30 AM on January 30, 2018 and show cause why an order imposing a penalty on you should not be made under section 271AAB(1) of the Income-tax Act, 1961. If you do not wish to avail yourself of this opportunity of being heard in . . . . . . . through authorised representative you may show cause in writing on or before the said date which will be considered before any such order is made under section 271AAB(1) of the Income-tax Act, 1961. S. L. Verma Deputy Commissioner of Income-tax Central Circle, Kota" 3.1 The learned authorised representative has argued that a search was conducted in the case of the assessee on July 2, 2015 and consequently the assessee admitted undisclosed income of Rs. 8,73,000 on account of excess cash found during the s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder section 132 on or after the 1st day of July, 2012 but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,- (a) a sum computed at the rate of ten per cent. of the undisclosed income of the specified previous year, if such assessee- (i) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived ; (ii) substantiates the manner in which the undisclosed income was derived ; and (iii) on or before the specified date- (A) pays the tax, together with interest, if any, in respect of the undisclosed income ; and (B) furnishes the return of income for the specified previous year declaring such undisclosed income therein ; (b) a sum computed at the rate of twenty per cent. of the undisclosed income of the specified previous year, if such assessee- (i) in the course of the search, in a statement under sub-section (4) of section 132, does not admit the undisclosed income ; and ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....evious year- (i) which has ended before the date of search, but the date of furnishing the return of income under sub-section (1) of section 139 for such year has not expired before the date of search and the asses see has not furnished the return of income for the previous year before the date of search ; or (ii) in which search was conducted ; (c) 'undisclosed income' means- (i) any income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search under section 132, which has- (A) not been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year ; or (B) otherwise not been disclosed to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner before the date of search ; or (ii) any income of the specified previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the bo....