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2016 (2) TMI 1186 - AT - Income TaxPenalty u/s 271AAA on account of undisclosed income - Assessee covered u/s 132 i.e. search conducted on the Assessee OR survey u/s 133A - Held that:- As the assessee offered the disclosed income and paid taxes. That issue on quantum reached the finality. When comes to the penalty proceedings, we find that the AO initiated the penalty proceedings u/s 271AAA of the Act when the present assessee is not covered u/s 132 i.e. search conducted on the Assessee. The assessee is covered only by survey u/s 133A of the Act as such initiation of penalty proceeding u/s 271AAA is not legally tenable so AO erred initiating action under section 271AAA of the Act. Further, on perusal of the order of the CIT (A), we find that the finding of the CIT (A) in this regard is legally right and so upheld. Therefore, the impugned order does not call for any interference and so upheld. Accordingly, grounds raised by the Revenue are dismissed.
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