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2012 (12) TMI 1096 - AT - Income TaxPenalty u/s. 271AAA - undisclosed income during the course of search - Held that:- when undisclosed income admitted by the assessee has been offered for tax in the return of income and the tax thereof duly paid, penalty cannot be levied - assessee made disclosure of ₹ 95 lacs in respect of unexplained jewellery, unexplained cash and on-money payment for Akola land during the course of search which has been accepted by the A.O. during the assessment proceeding - that all the tax including interest had been paid by the appellant - thus penalty cannot be levied by AO u/s 271AA - Decided in favor of assessee
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