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2018 (6) TMI 52 - AT - Income TaxPenalty u/s 271AAA - manner of undisclosed income derived - Held that:- The issue contested in the present appeal is identical with the case of the bother of the assessee as well as the Hon’ble High Court decision in case Emirates Technologies Pvt. Ltd. [2017 (8) TMI 387 - DELHI HIGH COURT] wherein the penalty imposed u/s 271AAA of the Act is deleted. It is pertinent to note that the penalty provision u/s 271AAA has particularly given the requirement of specifying the manner in which such income has been derived to obtain the immunity. The manner in which such income was derived was not challenged by the Revenue Authorities. Thus, the penalty imposed u/s 271AAA of the Act is deleted. - Decided in favour of assessee.
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