9911796707
TMI BlogThis case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation...This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized documents during a search operation. The key points are: Penalty u/s 271AAA upheld for undisclosed consideration from land sale based on seized documents mentioning assessee's name and transaction details. Assessee failed to rebut the evidence. Penalty upheld for undisclosed capital gains from land sale confirmed by appellate authorities based on seized material. Penalty u/s 271AAA deleted for additions made on a protective basis, following judicial precedents. Penalties u/ss 271AAA and 271(1)(c) are mutually exclusive for the same assessment year. Penalty u/s 271(1)(c) uph..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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