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2017 (1) TMI 112 - AT - Income TaxPenalty u/s 271AAA (1) - undisclosed income in a statement under sub-section (4) of Section 132 - assessment completed u/s 153B - Held that:- When the assessment in this case was completed u/s 153B(1)(b) of the Act at ₹ 1,74,98,810/- (including surrendered amount of ₹ 1,70,43,170/-) and the assessee has paid tax due with interest which has not been questioned by the AO to substantiate the manner in which the said undisclosed income was derived, the assessee is entitled for to avail of the benefit of the amnesty provisions contained u/s 271AAA (2) read with section 132 (4) of the Act. Consequently, appeal filed by the assessee stands allowed and penalty stands deleted.
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