Ashok Kumar, J. - (1.) These Income Tax Appeals arise from the decision of the Income Tax Appellate Tribunal (in short 'ITAT') dated 2.1.2017 passed in I.T.A. No. 416/Lucknow/2016 (Assessment Year 2014-15), I.T.A. No.417/Lucknow/2016 (Assessment Year 2014-15) and I.T.A. No.418/Lucknow/2016 (Assessment Year 2014-15). Since the issue is same and the appeals arise against the common order and judgment, the same are decided by us by a common judgment. Following questions of law have been framed by the assessee : "(A) Whether on the facts and circumstances of the case and in law, the Ld. ITAT has erred in not appreciating the facts that the notice was issued for imposition of penalty u/s 271AAB and not for imposition of penalty u/s 271(a)(c) of the Act ? (B) Whether on the facts and circumstances of the case and in law, the Ld. ITAT has erred in not appreciating the facts that the specific charge 'have in a statement under sub section 4 of section 132 during the course of search and seizure operation admitted undisclosed income' was mentioned in the notice ? (C) Whether the benefit of Section 292BB was correctly denied to the AO/appellant by the ITAT?" We have heard Sri Manu Ghildyal, learned counsel for the appellant and Sri Abhinava Mehrotra, learned counsel for the assessee respondent.
(2.) The brief facts of the present case are that a search operation has been held and M/s. Chandak group of cases was searched under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as 'Act') on 24.10.2013. During the course of search the father of the assessee Sri Kamal Kishore Chandak has surrendered undisclosed income of Rs.12 crores on behalf of himself, his wife and his son, namely Kamal Kishore Chandak, Smt. Shakuntala Chandak and Sri Sandeep Chandak. This statement of Sri Kamal Kishore Chandak has been recorded under Section 132(4) on 25.10.2013. During the course of recording of the statement the assessee Sandeep Chandak has submitted that whatever investment was made in his name was looked after by his father Sri Kamal Kishore Chandak and in fact, he knew nothing about the same. The documents further indicates that on 13.11.2013, Sri Sandeep Chandak along with his both the parents had admitted that each of them had surrendered Rs.4 crores each as undisclosed income and the fact that is surrender of undisclosed income of Rs.4 crores of Sandeep Chandak was again submitted by his authorised representatives on behalf of all the assessees during the assessment proceedings on 9.1.2015. It is further noticed that the assessee, Sri Sandeep Chandak had explained that the said amount was earned from the trading of F&O and derivatives and was advanced for purchase of land.
(3.) During the course of search operation various incriminating items were found and the same were seized, which relates to all the assessees of M/s Kamal Chandak Group.;