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Income Tax Appellate Tribunal, JAIPUR BENCH ‘A’, JAIPUR
Before: Shri Vijay Pal Rao, JM & Shri Vikram Singh Yadav, AM vk;dj vihy la-@ITA No. 1129/JP/2019
per plan. Thus the said seized documents in the absence of any other
materials revealing the unexplained expenditure cannot be said to be an
incriminating materials. The searched party has not made any allegation
about the actual expenditure incurred by the assessee in the construction
of residential house, if any. There is nothing either in the proceedings u/s
132 or in the statement recorded u/s 132(4) of the Act regarding
unaccounted expenditure incurred by the assessee on construction of
house. Further, there is no mention of the actual construction of the house
34 ITA No.1129/JP/2019 Shri Aeshwarya Jain vs DCIT, Central Circle, Kota
by the assessee or the timing the construction period or completion of
construction work. Even the alleged expenditure not recorded in the
books of account is not based on any documentary evidence or even on
physical verification of the Electrical items as well as furniture and
fixture installed in the house of the assessee. When the said income is not
represented by any money, bullion, jewellery or other valuable article or
thing or any entry in the books of account or other documents or
transactions then even if the assessee has surrendered a sum of Rs. 10.00
lacs as unaccounted expenditure, the same would not fall in the ambit of
undisclosed income as defined in explanation to Section 271AAB of the
Act. A bare surrender of income not representing the money, bullion,
jewellery or other valuable article or thing or any entry in the books of
account will not be regarded as undisclosed income for the purpose of
levy of penalty u/s 271AAB of the Act. In the case in hand, it is clear
from the records that the assessee in his statement recorded u/s 132(4) of
the Act has made a surrender of Rs. 10.00 lacs based on said seized
materials marked as Annexure A-2 Page 60 to 62 which is Electric Plan
and Site Map of the house. Therefore, in the absence of any undisclosed
income revealed by said sized materials, the income surrendered by the
35 ITA No.1129/JP/2019 Shri Aeshwarya Jain vs DCIT, Central Circle, Kota
assessee cannot be said to be undisclosed income for the purpose of
Section 271AAB of the Act. Hence, in the facts and circumstances of the
case when income surrendered by the assessee does not fall in the ambit
of undisclosed income as defined in Section 271AAB of the Act, the
same would not attract the levy of penalty u/s 271AAB of the Act.
Accordingly, the penalty levied by the AO is deleted.
3.0 In the result, the appeal of the assessee is allowed.
Order pronounced in the open court on 07 /01/2020.
Sd/- Sd/- ¼ foØe flag ;kno ½ ¼fot; iky jko½ (Vikram Singh Yadav) (Vijay Pal Rao) ys[kk lnL;@ Accountant Member U;kf;d lnL;@Judicial Member
Tk;iqj@Jaipur fnukad@Dated:- 07/01/ 2020 *Mishra आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू vihykFkhZ@The Appellant- Shri Aeshwarya Jain, Kota 1. 2. izR;FkhZ@ The Respondent- The DCIT, Central Circle,Kota 3. vk;dj vk;qDr¼vihy ) @ CIT(A), vk;dj vk;qDr@ CIT, 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZ QkbZy@ Guard File (ITA No.1129/JP/2019) 6. vkns'kkuqlkj@ By order,
सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत