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2019 (3) TMI 1462 - ITAT DELHILevy of penalty u/s 271AAA - additional income offered to tax by the assessee as his undisclosed income - search and seizure action u/s 132 - Assessment order u/s 153A - HELD THAT:- The issue is covered in favour of the assessee by order of ITAT Delhi ‘F’ Bench in the case of Mahavir Prasad Jaipuria [2017 (10) TMI 875 - ITAT DELHI] who is also connected with the same search and connected with the group. On identical facts, the similar penalty has been cancelled by the Tribunal. In the case of the assessee also, assessee declared additional income at the assessment proceedings vide letter dated 04.03.2014 in a sum of ₹ 3,64,602/-. Further, the assessee has explained the items which have been surrendered at the assessment proceedings. Therefore, no penalty is leviable. - Decided in favour of assessee.
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