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2019 (1) TMI 1392 - AT - Income TaxPenalty imposed u/s 271AAB(1)(a) - amount admitted under disclosure statement u/s 132(4) - amount offered by the assessee suo motto to buy peace of mind - Penalty where search has been initiated - Held that:- As discussed the provisions containing u/s 271AAB of the Act, it is justified to hold that ₹ 75,00,000/- is undisclosed amount, that the assessee shall pay penalty u/s 271AAB of the Act @ 10% under clause (a) of sub-section (1) of section 271AAB of the Act for the reasons set out hereunder under:- [1]. Search action u/s 132 initiated u/s 132 on or after 01.06.2012; [2]. The assessee has made disclosure of undisclosed income during the course of search action, has paid the tax together with interest and filed return of income; and [3]. The assessee substantiated the manner in which the undisclosed income and in view of the above, the order of CIT(A) is justified, sole Ground raised by the assessee is dismissed. Regarding the decisions relied on by the Ld.AR, which were considered by us and the principles canvassed by the Ld.AR does not come to the rescue of the present case in view of our discussion made herein above at para 15 of this order. Regarding striking out relevant charge, the notice issued u/s 274 of the Act is of no relevance in view of our finding at para 17. - Decided against assessee
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