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2018 (4) TMI 797 - AT - Income TaxPenalty u/s.271AAA - undisclosed income - Held that:- The assessee has duly made the disclosure in the course of search of for the undisclosed income and showed the same in return of income, paid taxes thereon and the assessing officer has accepted the income returned and the source of income disclosed. The ld. Commissioner of Income Tax (Appeals) has elaborately considered the issue and passed a reasonable order deleting the levy of penalty. As coming to the said conclusion the ld. Commissioner of Income Tax (Appeals) has also placed reliance upon honourable Allahabad High Court and honourable Gujarat High Court decision. The ratio emanating out of those decisions was that if the search party doesn't put question to the assessee about the source of income, any adverse inference for the levy of penalty under section 271AAA, cannot be taken. No contrary decision by the Revenue has been shown to us. - Decided against revenue
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