Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 943 - AT - Income TaxPenalty imposed u/s. 271AAB - entire undisclosed income can only be treated as arising out of documents/transactions/evidence found in the course of search u/s. 132 of the Act and the same was not entered in the books of account - Held that:- We find that the issue involved herein is squarely covered in favour of the assessee [2018 (2) TMI 972 - ITAT KOLKATA]as held since the assessee is not engaged in business or profession, he does not require to maintain the books of account as per sec. 44AA or sec. 44AA(2) of the Act, therefore, the assessee’s case falls in the second limb i.e. “or other documents” as stipulated u/s. 271AAB Explanation (c). Since the income under question was in fact entered in the “other documents” maintained in the normal course relating to the AY 2013-14, which document was retrieved during search, hence, the amount offered by the assessee does not fall in the ken of “undisclosed income” defined in Sec. 271AAB of the Act. No penalty can be levied against the assessee - Decided against revenue.
|