TaxTMI 
TaxTMI 
2022 (12) TMI 1001
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....2016-17. The impugned order was emanated from the order of the ld. Dy. Commissioner of Income Tax, Central Circle, Jammu, ( in brevity the AO), order passed u/s 271(1)(c) of the Act date of order 25.06.2019. 2. The assessee has taken the following grounds which reads as under: "1.That the worthy CIT(A) is not justified in confirming the penalty imposed by the ld. AO amounting to Rs.3,56,768/- in order passed u/s 271(1)(c) of Income Tax Act, 1961. 2. That the appellant craves, leaves to alter, amend and add to substitute any ground of appeal before or at the time of hearing." 3. Brief fact of the case is that the assessment was completed u/s 153A/143(3) accordingly; addition was made on basis of undeclared short term ....
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.... Later search and seizure action was conducted in the case of the assessee u/s 132(1) of the I. T. Act, 1961 on 19-01-2017. During the course of search proceedings, an annexure "A-21" was found and seized. In the said annexure, there is detail of purchase and sale of immovable property by the assessee. Thereafter, assessee revised his return of income on 30-03-2018 and declared an additional income of Rs. 11,54,595/- under the head "Income from Short Term Capital Gains" apart from income already declared in original return. Assessee had failed to declare his income under the head "Income from Short term capital gains" and only after an action u/s 132(1) of the I. T. Act, 1961 was conducted in his case and details of the purchase and sale of....
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....s extracted as below: "2.2 So, the plea taken by the assessee regarding the mistake being committed by his counsel is misplaced. Further, Explanation 5A to the section 271 of the Income Tax Act, 1961 clarifies the position regarding on the concealment of income related to search cases. Explanation 5A to section 271 of the Act states that: "Explanation 5A.-Where, in the course of a search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of- (i) any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilising (wholly or in part) ....
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....ied on the order of the Coordinate Benches of the ITAT in the cases of; i. M/s NSE IT Ltd. vs. DCIT- 8(2), Mumbai in ITA No.5935/Mum/2014 order dated 28.03.2018. ii. D. Prasad, vs. ITO-Ward/1(4), in ITA 51/Vizag/2016 order dated 10.06.2016. iii. ACIT vs. Ashok Raj Nath,in ITA 2970/Del/2012 order dated 31.08.2012. iv. DCIT vs. Smt. Indira Agrawal, in ITA 1444/JP/2018 order dated 22.03.2019. The relevant para 4.4 of the order, ITA 1444/JP/2018 is extracted as below: "4.4 In above factual situation, the penalty u/s 271(1)(c) cannot be levied as the matter is covered one. Apart from the consideration given on the several case laws cited by the applicant it is worth to place the reliance on the dec....
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....ty was imposed merely on the basis of income surrendered by the appellant in his statement and shown in the ITR filed u/s 153A of the Act. The income so surrender by the appellant was reported in the return filed u/s 153A which has been accepted without further addition. No incriminating documents are not used to alter the income reported by the appellant or prove the income so surrender by the applicant as real undisclosed income. Therefore, issue is squarely covered with the above citation. 4.5 In view of the above discussions and considering the overall facts and attending circumstances of the appellant's case and with regards to the various juridical pronouncements discussed herein above, I found that it is undisputed fact in t....