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2016 (9) TMI 1443 - AT - Income TaxPenalty u/s 271AAA - During search operations at the residential premises, cash and jewellery were found and seized - Held that:- The assessee derived only income from salary and has admitted undisclosed income without specifying the manner in which the said income has been derived and has also not substantiated the manner. Hence the assessee clearly falls under the ambit of aforesaid provision of the Act. Section 273B does not include section 271AAA from cases where the penalty can be waived on attribution of reasonable cause. No infirmity in the orders of the authorities below and confirm the levy of penalty. - Decided against assessee.
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