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2023 (7) TMI 1080 - ITAT JAIPUR
Penalty u/s 271AAB - confession of additional income during search and seizure operation levy of penalty is mandatory in nature OR discretionary? - in course of search, the assessee surrendered an income on account of land advance which he admitted as his additional business income for current year - HELD THAT:- As decided in Rajendra Kumar Gupta [2019 (1) TMI 1545 - ITAT JAIPUR] and in view of the above deliberation that the income surrendered is not an undisclosed income as specified in Explanation (c) of Section 271AAB of the Act, therefore, we do not concur with the findings of the ld. CIT(A) as the ld. AR of the assessee has very explicitly narrated the case in his written submission countering the decision taken by the ld. CIT(A) in his order. Thus, the grounds of appeal raised by the assessee in his appeal are allowed.