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Income Tax - Highlights / Catch Notes

Home Highlights October 2014 Year 2014 This

Penalty u/s 271AAA - much importance should not be attached to ...

Income Tax

October 20, 2014

Penalty u/s 271AAA - much importance should not be attached to the statement about the manner in which such income has been derived - mere non-statement of the manner in which such income was derived would not make Explanation 5(2) inapplicable. - AT

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  1. Penalty u/s 271 AAA - source and manner in which the undisclosed income was derived - where no statement u/s 132(2) of the Act is recorded or specific query is made...

  2. Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through...

  3. Penalty u/s 271AAA(2) - specification the manner of undisclosed income and substantiated the manner in which the income was derived - no such query at the time of...

  4. Penalty u/s 271AAA - Revenue failed to question the assessee while recording his statement u/s 132 (4) as regards the manner of deriving such income, the Revenue cannot...

  5. Penalty u/s 271AAB or 271AAA - non issue of notice u/s 274 read with Section 271AAB - corrigendum issued stating that Section 271AAA should be read as Section 271AAB -...

  6. Penalty u/s. 271AAA(2) - Assessment u/s 153 - where the revenue had failed to question the assessee while recording the statement u/s 132(4) of the Act as regards the...

  7. Penalty u/s 271AAA - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various...

  8. Penalty u/s 271AAA - sum surrendered in statement recorded u/s 132(4) during the search - since assessee cannot be said to have not satisfied the condition of specifying...

  9. Penalty u/s 271AAA - defective notice - if there is no clarity in the stand of the Revenue for initiation of penalty u/s 271AAA, whether it is for failure of the...

  10. The penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income unless admitted in a statement u/s 132(4) and specified the manner...

 

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