2024 (10) TMI 1279

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..... Shivam Yadva and Mr. Utkarsh Kumar Gupta, Adv. For the Respondents : Mr. Aseem Chawla, Sr.SC with Ms. Monica Benjamin, Jr.SC, Ms. Pratishtha Chaudhary and Ms. Nivedita, Advs. ORDER 1. The assessee impugns the order of the Income Tax Appellate Tribunal ["ITAT"] dated 30 May 2018 and proposes the following questions for our consideration:- "(I) Whether the ITAT proceeding on an erroneous and ....

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....e that where, during the course of search, a specific query was not raised by the officer requiring the Assessee Company to substantiate the manner in which the undisclosed income was derived', penalty under section 271AAA of the Act could not, in any case, be levied on the Petitioner on account of such failure? (IV) Whether on the facts and in the circumstances of the case, the order passed....

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....conducted at the business and residential premises of the assessee u/s 132(1) on 11.12.2009, assessee surrendered additional income of Rs. 21 crores. It is also not in dispute that in the return filed by the assessee for A Y 2010-11, assessee declared undisclosed income of Rs. 21 crores which includes Rs. 9.25 crores on account of excess stock and Rs. 11.75 crores as income from other sources in t....

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....he undisclosed income was derived at the time of search in its statement recorded uls 132(4) and not thereafter. 11. However, answer to the question no.43 reproduced above categorically goes to prove that the assessee has shown his inability to reconcile the discrepancy in the stock found and failed to substantiate the manner in which income has been deriveq by the search team during the course ....