2025 (8) TMI 206

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....RDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.2487/Del/2023 for AY 2013-14, arises out of the order of the Commissioner of Income Tax (Appeals)-26, New Delhi [hereinafter referred to as 'ld. CIT(A)', in short] in Appeal No. 10098/2012-13 dated 04.07.2023 against the order of assessment passed u/s 271AAB(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 25.0....

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.... Rs. 104,60,31,501/- against the returned loss of Rs. 1,05,45,78,526/- after making an addition u/s 69A of the Act on the basis of seized documents to the tune of Rs. 40 lakhs and Rs. 45 lakhs. At the time of search, a statement was recorded from the Managing Director Shri Manohar Singh Narula on 29.08.2012 wherein, in response to Question No. 28 the Managing Director came forward to offer total s....

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....he Act and taxes paid thereon and that the levy of penalty u/s 271AAB of the Act is discretionary and not mandatory. 5. We find in the instant case that the assessee had surrendered a sum of Rs. 28.24 crores in the statement u/s 132(4) of the Act and had duly honored the same by offering it in the return of income after due payment of taxes thereon. The assessee could not substantiate the manne....