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2017 (5) TMI 718 - AT - Income TaxPenalty u/s 271AAA - additional income on account of incriminating document found during the course of search - Held that:- The search took place on 11.02.2010. The assessee offered income of ₹ 12,48,85,000/- in his statement recorded u/s 132(4) during the course of search on 12.02.2010. The assessee filed his original return of income for the A.Y. 2010-11 on 31.07.2010 offering income of ₹ 22,00,00,000/- for taxation. In the upshot, as the assessee admitted the undisclosed income of ₹ 12,48,85,000/- during the course of search on 12.02.2010, he is liable to penalty u/s 271AAA @ 10% on the balance amount of Rs. ₹ 9,51,15,000/- only (Rs. 22,00,00,000/- minus ₹ 12,48,85,000/-). The A.O. is directed to impose penalty u/s 271AAA @ 10% on the balance amount of ₹ 9,51,15,000/- in place of ₹ 2,20,00,000/- computed by him. - Decided partly in favour of assessee.
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