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2016 (12) TMI 1352 - AT - Income TaxLevy penalty u/s 271AAA - undisclosed income as represented by the seized papers was duly admitted in the statements recorded u/s 132(4) by assessee - Held that:- In respect of undisclosed income of ₹ 1,16,30,103/- admitted by the appellant and offered to tax in the return of income, the appellant is eligible for immunity from penalty in terms of section 271AAA(2) of the Act as he has fulfilled all the conditions stated therein. In respect of penalty imposed qua the addition of ₹ 3,00,000/-, the said addition has been deleted except for an amount of ₹ 50,000 on an estimated basis by the Coordinate Bench in the quantum proceedings. The penalty which thus survives relates to estimated addition of ₹ 50,000 which has rightly been deleted by the ld CIT(A). We do not see any reason to interfere with the order of ld. CIT(A), which is hereby upheld. - Decided against revenue
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