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2012 (12) TMI 21 - AT - Income TaxPenalty u/s 271AAA - search - undisclosed income - assessment framed u/s 153A - Revenue contesting deletion of penalty by CIT(A) - Held that:- CIT(A) had deleted the penalty due to the following reasons - assessee had voluntarily disclosed the sum of Rs.50 lacs during the search proceedings with request that no penalty should be levied in respect of such disclosure - during the post search proceedings no specific question as regards manner of earning of undisclosed income or substantiation thereof was put forth by the revenue - assessee had also paid due tax for the undisclosed income declared voluntarily - when undisclosed income admitted by the assessee has been offered for tax in the return of income and the tax thereof duly paid, penalty cannot be levied, specifically, in the absence of any question in this respect by the AO. Reasons pointed out by the CIT(A) are justifiable for deleting the penalty levied u/s 271 AAA - Decided against Revenue
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