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2015 (4) TMI 1245 - AT - Income TaxPenalty u/s. 271AAA - assessee failed to substantiate the manner in which undisclosed income has been derived - question regarding manner of earning income - Held that:- Referring to observation in case of CIT v. Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] it becomes clear that if no question is asked during the statement recorded u/s.132(4) then the assessee cannot be expected to further substantiate the manner of earning of income. In the present case also Revenue never asked any question regarding manner of earning the income therefore following above order we decide this issue against the revenue. Accordingly we set aside the order of Ld. CIT(A) and delete the penalty. - Decided in favour of assessee.
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