Home Highlights May 2017 Year 2017 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 imposed u/s 271AAA - in course of search and seizure operation when the assessee came forward and offered certain income to show his bonafide and ultimately...

3. Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

4. 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

5. Deletion of Penalty u/s 271AAA - the assessee had paid tax along with interest on undisclosed income admitted during the course of search - penalty deleted - AT

6. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

7. 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,...

8. Loss of immunity from Penalty u/s. 271AAA - Delay in payment full tax as per the order of Settlement Commission (ITSC) - DR in argument mentioned that the assessee had...

9. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

10. Levy of penalty u/s 271AAA - additions on account of unaccounted receipts derived from land trading and commission income - In the absence of any inquiry in this regard,...

11. Penalty u/s 271AAA - in course of search and seizure operation when the assessee came forward and offered certain income to show his bona fide and ultimately followed it...

12. 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...

13. Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is...

14. Estimation of commission income - unaccounted cash found during the search - AO has not brought any material on record to show higher commission income earned by the...

15. Estimation of income - “real income/commission income” - Unexplained deposits in bank account - the assessee is engaged in the business of “cheque discounting” in order...