Penalty imposed u/s. 271AAB(1)(a) - search and seizure action ...

Penalty u/s 271AAB Not Applicable for Commission Income Declared Before Deadline; Not 'Undisclosed Income'.

March 25, 2022

Case Laws Income Tax AT

Penalty imposed u/s. 271AAB(1)(a) - search and seizure action u/s. 132(1) - commission amount was not recorded in the books of account - since the assessee as per law need not maintain books of account and since the assessee had time (more than 40 days till 31.03.2013) the said offer of assessee cannot be termed as ‘undisclosed income’ as per the definition discussed supra. So, we find that this commission income which the assessee offered u/s. 132(4) of the Act for AY 2013-14 does not fall in the ken of undisclosed income for the purpose of levy of penalty under section 271AAB. - AT

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Penalty imposed u/s. 271AAB(1)(a) - search and seizure action ...

Penalty u/s 271AAB Not Applicable for Commission Income Declared Before Deadline; Not 'Undisclosed Income'.

March 25, 2022

Case Laws Income Tax AT

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