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2016 (6) TMI 1319 - AT - Income TaxPenalty under section 271AAA - assessee has not brought on record any documentary evidences to substantiate the manner of deriving undisclosed income - question regarding manner of earning income - Held that:- CIT(Appeals) specifically noted in his finding that revenue has not asked the assessee to disclose the manner in which such income was earned. Therefore, issue was found covered by judgement of Gujrat High Court in the case of CIT Vs Mahendra C. Shah[2008 (2) TMI 32 - GUJARAT HIGH COURT]. Since no question is asked during the statement recorded under section 132(2) of the Act, then the assessee cannot be expected to further substantiate the manner of earning undisclosed income. The ld. CIT(Appeals), therefore, correctly found that when revenue never asked any question regarding manner of earning the income, therefore, no penalty should be levied against the assessee. - decided in favour of assessee
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