Home Highlights July 2017 Year 2017 This

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1. 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 -...

2. 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...

3. Penalty u/s.271AAA - undisclosed income addition - the assessee's responsibility to substantiate the manner of deriving such income did not commence. - When the base...

4. 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...

5. 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...

6. 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...

7. 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

8. 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...

9. Undisclosed Income - unable to accept that payment of Advance Tax based on “current income” involves the disclosure of “total income” - SC

10. Once penalty U/s 271AAA of I.T. Act has been levied in respect of undisclosed income, the AO was in error of law prescribed U/s 271AAA(3) of I.T. Act, in imposing...

11. Penalty @ 10% u/s 271AAA - undisclosed income - there was no other undisclosed income to identify with the seized materials/Panchanama, the assessee while filing the...

12. Penalty under section 271(1)(c) - disclosure of income during search operation - such undisclosed income would get immunised from the levy of penalty. - AT

13. Penalty u/s. 271AAA - undisclosed income - failure to prove the manner in which income has been earned - disclosure made with the consent of the family members and all...

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

15. 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...