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2013 (12) TMI 1213 - HC - Income TaxPenalty u/s 271AAA on undisclosed income accepted during search operation - Held that:- Initially the amount of Rs.12.5 crores was declared and disclosed by the AOP but subsequently the AOP had filed a revised return declaring “nil” income - The Assessing Officer had decided that Rs.12.5 crores should be equally divided and taxed in the hands of Virendara Kumar Gupta, Sarad Jain and Sudhir Jain - The three respondent-assessees had filed appeal before the Commissioner (Appeals) questioning the said order/position - The AOP filed an application under Section 264 in pursuance of which the individual assessees withdrew the appeals - 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 - It was stated that such an income was undisclosed income - Decided against Revenue.
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