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2014 (1) TMI 1755 - AT - Income TaxPenalty imposed u/s 271 AAA - Held that:- The assessee has declared undisclosed income in the return filed u/s 153A and paid tax along with the interest and the provision of section 271AAA(1) will not be applicable as the assessee complied with the conditions mentioned u/s 271AAA(2) of the Act. The assessee admitted the undisclosed income in the course of search in the statement recorded u/s 132(4) of the Act and also specific manner in which the income has been derived by him. The manner disclosed by the assessee had been accepted by the AO. The assessee has also paid the tax and interest in respect of undisclosed income. The undisclosed income as well as the specified year are defined in the Explanation 2 to section 271AAA of the Act. Thus in our opinion the assessee has complied with the conditions as given u/s 271AAA(2) - Decided in favour of assessee.
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