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2018 (6) TMI 1559 - AT - Income TaxPenalty u/s 271AAB(1)(a) - undisclosed income as per specific requirement - Held that:- We first of all make it clear that section 271AAB of the Act applies in relation to the impugned penalty @10% of the undisclosed income as stood defined in Explanation (c) thereto. There is no material in the case file to indicate that the assessee’s undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. We are dealing with a penalty provision in tax statute which is to be strictly interpreted. CIT(A) has rightly deleted the impugned penalty as the assessee’s search statement nowhere indicated the corresponding undisclosed income as per specific requirement in the Act. CIT(A)’s findings under challenge deleting penalty in question are accordingly confirmed. - Revenue’s appeal is dismissed.
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