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2018 (5) TMI 1591 - AT - Income TaxImposition of penalty u/s 271AAB on account of income from commodity profit that has been found during search u/s 132 - Held that:- commodity transactions are not carried out by the assessee in the course of his business and hence he is not required to maintain the books of account - assessee has admitted u/s 132(4), the income from commodities trading and later returned the same as his income under the head "Income from Other Sources" - hence the amount of ₹ 1,32,44,000/- offered by the assessee does not fall in the ken of "undisclosed income" u/s 271AAB - thus no penalty can be levied against the assessee - Decided in favor of assessee.
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