Home Highlights September 2016 Year 2016 This

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1. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

2. Penalty u/s 271AAA - disclosure of unaccounted income during search - assessee did not specify how she derived that income and what head it fell in (rent, capital gain,...

3. Penalty u/s 271(1)(c) - disclosure or admission made u/s 132(4) of the Act during the course of search proceedings - assessee has taken specific plea that no money,...

4. Owner of Cash found and seized in course of search - Undisclosed income - presumption u/s 292C - if money is found in possession of any person in course of search u/s...

5. Penalty u/s 271AAA - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

6. 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...

7. Levy of penalty u/s 271AAB - assessee has inflated his agricultural income, which would have been otherwise offered under any other head of income - any disclosures made...

8. Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

9. 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...

10. 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...

11. Penalty u/s 271AAA - declaration of undisclosed income - voluntary or not - CIT(A) confirmed the levy of penalty - income was declared in the ITR post search but not u/s...

12. Penalty levied u/s 271AAB - conversion of survey action into search - detection of undisclosed income u/s 133A or u/s 132 - The objection of ld. CIT-DR for the revenue...

13. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

14. Penalty u/s 271AAA - Assessment u/s 153C - search and seizure proceedings u/s 132(1) not carried out against the assessee - the primary condition of section 271AAA...

15. Undisclosed income u/s 158B(b) - admission u/s 132(4) that it was his own money routed back to his own family members through an alleged NRI and was undisclosed income -...