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2011 (12) TMI 541 - AT - Income TaxPenalty u/s. 271AAA - undisclosed income under the head "income from business" - Held that:- In the present cases on hand, it is not the case of the Departmental Authorities that the assessee has not satisfied the manner in which the income is derived and the assessee has not paid the tax with interest on the undisclosed income. Undisputedly the assessees have shown the undisclosed income under the head "income from business" in the returns filed by them and that was accepted by the Department by passing the assessment orders accordingly. Therefore, the cases of the assessees fall exactly within the purview of sub-section (2) of Section 271AAA. Therefore, the provisions contained in sub-section (1) of Section 271AAA are not applicable. The Departmental Authorities have not considered this aspects of the issue and passed the impugned orders. The impugned orders having been made contrary to the provisions contained in Section 271AAA(2), they are not sustainable for legal scrutiny.
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