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2018 (5) TMI 422 - AT - Income TaxPenalty imposed u/s. 271AAB - Penalty where search has been initiated - Held that:- Respectfully following the decision of the coordinate bench of this Tribunal in the case of the other assessee’s [2018 (2) TMI 972 - ITAT KOLKATA] who were subjected to search and who had offered undisclosed income from commodity profit cannot be levied penalty u/s. 271AAB of the Act, in the facts and circumstances of this case, we confirm the order of the Ld. Ld. CIT(A) stating commodity profit recorded in the other document maintained by the assessee which was retrieved during search cannot be termed as “undisclosed Income” in the definition given u/s. 271AAB of the Act. - Decided in favour of assessee.
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