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2018 (5) TMI 1602 - AT - Income TaxPenalty u/s. 271AAB - income from commodity profit has been found during search u/s. 132 of the Act which is not reflected in the regular books of account - assessee’s transactions (in this case, the speculative transaction) has been found to be recorded in the “other documents” which is (retrieved from the assessee’s accountant’s drawer) - Held that:- 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 As relying on DCIT VERSUS MANISH AGARWALA [2018 (2) TMI 972 - ITAT KOLKATA] we note that 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 - Decided in favour of assessee.
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