Penalty u/s 271 (1) (c) - Income disclosed only after the search ...

Court Upholds Penalties for Concealed Income Disclosed Post-Search; Voluntary Disclosure Defense Rejected.

May 17, 2024

Case Laws Income Tax HC

Penalty u/s 271 (1) (c) - Income disclosed only after the search and seizure operation - The High Court emphasized that Explanation 5A of Section 271(1)(c) deems concealed income even if disclosed post-search, and upheld the assessing officer’s initiation of penalty proceedings based on detailed findings of concealed income in the assessment orders. The Court referenced key Supreme Court judgments, asserting that the satisfaction for penalty can be inferred from the assessment order and need not be explicitly stated in the notice if the order details the concealment. It also rejected the respondent’s defense of voluntary disclosure, noting it was made only after irrefutable evidence of concealment emerged during the search. It set aside the ITAT’s order, reinstated the penalties, and remanded the matter to the ITAT for adjudication on merits.

View Source

← Previous Next →

Penalty u/s 271 (1) (c) - Income disclosed only after the search ...

Court Upholds Penalties for Concealed Income Disclosed Post-Search; Voluntary Disclosure Defense Rejected.

May 17, 2024

Case Laws Income Tax HC

You may also like:

ITAT cancelled penalty under s271AAB as taxpayer's disclosure of Rs. 50 lakhs during search proceedings was voluntary and not connected to search findings. While...

The Tribunal upheld the penalty imposed u/ss 271(1)(c) and 271AAB of the Income Tax Act for additional income brought to tax owing to a search and seizure action. The...

The Punjab and Haryana High Court held that undisclosed income found during a search, related to a pawning business, falls within the scope of Section 269SS of the...

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...

The High Court addressed penalty u/s 129(3) of the Uttar Pradesh Goods and Services Tax Act, 2017 following premises search. Relying on precedent, the Court held that...

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...

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...

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 271(1)(c) - disclosure of income during survey - had it been the intention of the appellant to disclose the income voluntarily then the assessee would have...

Penalty levied u/s 271AAB - assessee in the return of income has disclosed income on account of undisclosed jewellery - The assessee has neither earned any business...

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)...

Levy of penalty u/s 271(l)(c) - additional income disclosed due to search and survey at the premises - wherein the returned income has been accepted, penalty cannot be imposed - AT

Search and seizure – In the Statement of income of assessee that the income received on were disclosed in the regular return, of income prior to the date of search - No...

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...

Penalty u/s. 271(1)(c) - income disclosed by the assessee u/s 153A - The mere fact that the assessee has filed revised returns disclosing higher income than in the...

Quick Updates: