Penalty u/s 271AAA - Addition being 10% of the undisclosed ...

No Penalty Imposed as AO Fails to Meet Conditions u/s 271AAA for Undisclosed Income Addition.

April 2, 2021

Case Laws Income Tax AT

Penalty u/s 271AAA - Addition being 10% of the undisclosed income - There remains no ambiguity to the fact that the AO has not brought anything on record including the statement recorded under section 132(4) of the Act suggesting that the conditions as specified under section 271AAA of the Act has not been satisfied - No penalty - AT

View Source

← Previous Next →

Penalty u/s 271AAA - Addition being 10% of the undisclosed ...

No Penalty Imposed as AO Fails to Meet Conditions u/s 271AAA for Undisclosed Income Addition.

April 2, 2021

Case Laws Income Tax AT

You may also like:

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...

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 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...

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 levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

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...

Penalty u/s 271(1)(c) was levied by the Assessing Officer solely based on the order of the Income Tax Settlement Commission withdrawing immunity from penalty and...

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...

Once penalty U/s 271AAA of I.T. Act has been levied in respect of undisclosed income, the AO was in error of law prescribed U/s 271AAA(3) of I.T. Act, in imposing...

Section 271AAA(2) of the Income Tax Act mandates that for avoiding penalty, the assessee company must not only disclose undisclosed income during a statement recorded...

The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had...

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 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 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

Penalty imposed by AO u/s 271AA - in absence of specific query raised by the authorised officer during the course of recording of statement u/s 132(4) of the Act about...

Quick Updates: