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2017 (9) TMI 1754 - AT - Income TaxPenalty order u/s 271AAA - assessee failed to substantiate the manner in which undisclosed income was derived - Held that:- Similar issue arose in Sita Ram Gupta v. Asstt. CIT [2014 (6) TMI 1014 - ITAT DELHI] wherein held that Where Assessing Officer having completed assessment, passed a penalty order under section 271AAA for default of not substantiating manner in which undisclosed income was derived, in view of fact that assessee made statement that he had earned undisclosed income for various transactions of sale/purchase of land which did not face any rebuttal and, moreover, assessee had paid due tax on said income, impugned penalty order deserved to be set aside - Decided against revenue.
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