Penalty u/s. 271AAA - undisclosed income of the ‘specified ...

Section 271AAA Penalty Applies to Undisclosed Income in Year Search Begins, Not When It Concludes.

January 29, 2019

Case Laws Income Tax AT

Penalty u/s. 271AAA - undisclosed income of the ‘specified previous year’ - the year in which search is conducted has also to be seen as the year in which the search is initiated and not the year in which it is concluded.

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Penalty u/s. 271AAA - undisclosed income of the ‘specified ...

Section 271AAA Penalty Applies to Undisclosed Income in Year Search Begins, Not When It Concludes.

January 29, 2019

Case Laws Income Tax AT

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Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record...

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Penalty u/s 271AAA - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

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Introduction of block assessment provisions in cases of search u/s 132 and requisition u/s 132A for early finalization of search assessments, coordinated investigation,...

Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

Penalty u/s.271(1)(c) or penalty u/s.271AAA - The provisions of Section 271AAA(3) of the Act specifically excludes the provisions of Section 271(1)(c) of the Act for the...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

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...

Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out...

SC held that penalty under Section 271AAA(1) was not applicable on Rs.2,27,65,580/- as the appellant satisfied all conditions by admitting undisclosed income during...

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