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2013 (12) TMI 484 - HC - Income TaxPenalty u/s 271AAA - Surrender of income at the time search - Held that:- The AOP consisted of Virendara Kumar Gupta, Sarad Jain and Sudhir Jain - Initially, the AOP had declared the entire undisclosed income - AOPs are taxed at maximum marginal rate, whereas individuals are taxed on cascading scale. The Assessing Officer had himself given tax credit to individual members of the tax paid by AOP - Taxes and applicable interest were paid on the undisclosed income - Details of nature of undisclosed income and manner of earning was recorded in the statement of Virendara Kumar Gupta - The income was derived from trading transactions not recorded in the books - Decided against Revenue.
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