Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income'...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals) analyzed the facts and law, concluding that the ingredients of Section 271AAB were not fulfilled, and therefore held that the penalty imposed by the Assessing Officer was outside the sanction of law, leading to the deletion of the penalty. The income disclosed as Long-Term Capital Gains did not fall under the definition of 'undisclosed income' u/s 271AAB, nor was there any admission of undisclosed income during the search u/s 132(4). The Long-Term Capital Gains were taxable and not exempt, and transactions were routed through banking channels with advance tax paid. The asses..... .....

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