Penalty u/s 271AAB - disclosure of additional income in the ...

No Penalty Imposed: Section 271AAB Not Applicable Without Undisclosed Income or Incriminating Material Found in Search.

April 27, 2020

Case Laws Income Tax AT

Penalty u/s 271AAB - disclosure of additional income in the return of income filed under section 153A - there was no undisclosed income found during the course of search and no incriminating material was found - no case for imposing penalty u/s 271AAB - AT

View Source

← Previous Next →

Penalty u/s 271AAB - disclosure of additional income in the ...

No Penalty Imposed: Section 271AAB Not Applicable Without Undisclosed Income or Incriminating Material Found in Search.

April 27, 2020

Case Laws Income Tax AT

You may also like:

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...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

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)...

ITAT ruled against penalty imposition under s.271AAB(1A)(b) at 60% rate. The tribunal emphasized that mere voluntary disclosure during search proceedings does not...

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...

Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

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...

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...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

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...

Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and directed the penalty u/s 271(1)(c) of the Income Tax Act to be deleted. The Assessing Officer...

Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

Penalty u/s 271AAB - surrender of cash and jewellery pursuant to search - Statement recorded u/s 132(4) of the Act itself would not either constitute an incriminating...

Quick Updates: