Section 271AAB of the Act, contemplates imposition of a penalty ...

Penalty Imposition Fails u/s 271AAB Due to Absence of Income Disclosure Statement u/s 132(4.

October 9, 2020

Case Laws Income Tax AT

Section 271AAB of the Act, contemplates imposition of a penalty pursuant to the disclosure of income in statement recorded u/s 132(4) of the Act by the assessee. It is an admitted fact that no such statement has been recorded from the assessee. Thus, on this ground also, the levy of penalty fails. - AT

View Source

← Previous Next →

Section 271AAB of the Act, contemplates imposition of a penalty ...

Penalty Imposition Fails u/s 271AAB Due to Absence of Income Disclosure Statement u/s 132(4.

October 9, 2020

Case Laws Income Tax AT

You may also like:

Penalty u/s 271AAB - Section 271AAB of the Act, contemplates imposition of a penalty pursuant to the disclosure of income in statement recorded u/s. 132(4) of the Act by...

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)...

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 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 u/s 271AAB - disclosure of income in his statement u/s 132(4) - Unless and until income offered to tax by an assessee comes within the mischief of undisclosed...

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 u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Addition on account of income surrendered as per statement u/s 132(4) - though the statement recorded u/s 132(4) has a better evidentiary value but it is also a settled...

Levy of penalty u/s 271AAB - assessee has inflated his agricultural income, which would have been otherwise offered under any other head of income - any disclosures made...

Penalty u/s 271AAB - document found during the search is not an incriminating material when the entry and the income were duly recorded in the books of account - income...

Penalty u/s 271AAB - such jewellery found in possession of family members belongs to them and doesn’t belong to assessee alone - further, most of the jewellery found is...

Penalty u/s 271(1)(c) - assessment u/s 153A - addition was made on the basis of admission of additional income in the statement u/s 132(4) - admission is not akin to...

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...

Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

Validity of statement - retraction of statement - the statement recorded u/s. 132(4) cannot be discarded merely because the retractment statements were filed. The...

Quick Updates: