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2017 (5) TMI 1363 - AT - Income TaxPenalty U/s 271AAA - assessee has not clarified and not substantiated the manner in which the assessee derived undisclosed income - Held that:- . In the statement recorded U/s 132(4) of the Act when the assessee categorically stated that he has derived undisclosed income by way of inflating expenses recorded in the books of account. In view of this, the ld. CIT(A) was not justified in holding that the assessee has not clarified and not substantiated the manner in which the assessee derived undisclosed income. The assessee has categorically stated in answer to questions No. 5 to 7 in the statement recorded U/s 132(5) of the Act - Decided in favour of assessee.
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