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2022 (11) TMI 458 - ITAT DELHIPenalty imposed u/s 271AAA - unexplained cash and unexplained jewellery - HELD THAT:- While deciding assessee’s quantum appeal, the Tribunal has deleted addition made on account of unexplained cash. Whereas, the addition made on account of unexplained jewellery has been restored back to the AO for fresh adjudication. Thus, additions based on which penalty under section 271AAA was imposed by the AO as of now, do not survive. That being the factual position emerging on record, the penalty imposed under section 271AAA at least for the present, cannot survive. Accordingly, we delete the penalty imposed under section 271AAA - However, it is open for the Assessing Officer to initiate proceeding under section 271AAA if warranted, depending upon the decision to be taken relating to the addition made on account of unexplained jewellery in the fresh assessment to be made by him in pursuance to the direction of the Tribunal. Appeal of assessee allowed.
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