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2016 (1) TMI 304 - AT - Income TaxPenalty u/s.271AAA - undisclosed income under the head 'business' - Held that:- The assessees in search statement had already claimed the impugned undisclosed income to have been earned from their business activities. He concludes that the same was never rebutted at any stage right from search till assessment. We find that a coordinate bench in DCIT vs. Bharat L. Shah [2015 (8) TMI 874 - ITAT AHMEDABAD ] arising from the very search dated 20.01.2009 upholds similar order of CIT(A) deleting identical Section 271AAA penalties on the very aspect of non satisfaction of first two conditions under sub-section 2 thereof. The Revenue neither point out any distinction on facts nor does it file any evidence disputing the lower appellate findings on factual aspects that the assessees had declared their undisclosed income under the head 'business'. We affirm the CIT(A)'s order deleting the impugned penalties accordingly. - Decided in favour of assessee.
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