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2019 (10) TMI 395 - ITAT JAIPURPenalty u/s 271AAB - assessee has surrendered the undisclosed income - HELD THAT:- We find that under identical set of facts and circumstances of the case, in case of other Group cases where the search was conducted, matter relating to levy of penalty was examined at length by the Coordinate Bench in cases of Surajmal Bansal HUF, Jaipur vs. DCIT, Jaipur [2019 (4) TMI 1113 - ITAT JAIPUR] wherein, the penalty was deleted by the Tribunal We delete the penalty levied under section 271AAB on cash advances towards purchase of land. The levy of penalty @ 10% on the excess silver found during the course of search and valued at ₹ 575,000 is however confirmed. Since the issue of levy of penalty u/s 271AAB of the Act has been decided on merits, therefore, the issue of validity of initiation of the penalty proceeding due to defective show cause notice become academic in nature and we do not propose to adjudicate the same. - Appeal of the assessee is partly allowed.
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