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2016 (10) TMI 1006 - AT - Income TaxPenalty u/s 271AAA r.w.s. 274 - requirement to pay the due taxes on the undisclosed income before the due date of filing of return of income - Held that:- For the purpose of claiming immunity from penalty there is no requirement of paying taxes on the undisclosed income before the due date of return of income under section 139 (1) of the Act. Further it is not disputed that the assessee had paid taxes on the undisclosed income surrendered in the statement made under section 132(4) of the Act. The manner of earning the income and its substantiation thereof has also been accepted by the Ld. CIT(A) and is not the matter of dispute. The assessee therefore has fulfilled all the conditions required for claiming immunity from the levy of penalty under the provisions of section 271 AAA of the Act. Moreover we find that in the case of other assessees belonging to the same group, the Ld CIT(A) accepted the contentions of the assessee, wherein besides other pleadings made, the assessee relied upon the aforestated apex court decision in the case of Gebilal Kanhaiyalal (2012 (9) TMI 297 - SUPREME COURT) on the impugned issue, and deleted the penalty levied. Further, admittedly ,no appeal has been filed by the Revenue against the said orders of the CIT(A). Thus we set aside the order of the Ld. CIT(A) and delete the penalty levied under section 271AAA - Decided in favour of assessee.
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