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2021 (12) TMI 801 - ITAT AHMEDABADPenalty u/s 271(1)(c) - search action u/s 132 under the head income from other sources - introduction of share premium and the share capital in the company - income as disclosed during the search and seizure action u/s 132(1) to the tune since not found declared in the original return of income has been added to the total income of the assessee - HELD THAT:- As identical cases in deleting penalty imposed by the authorities below and the order passed in the case of PCIT (Central), Nagpur vs. Rajkumar Gulab Badgujjar [2019 (1) TMI 656 - BOMBAY HIGH COURT] we find no ambiguity in the order passed by the Ld. CIT(A) in deleting the penalty against the assessee. Hence, the appeal preferred by the Revenue is found to be devoid of any merit and, thus, dismissed.
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