Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 513 - AT - Income TaxPenalty u/s 271AAA - additional income offered by the assessee during assessment proceedings - Held that:- The issue before us is identical in nature to that of brother of the assessee’s case [2017 (11) TMI 456 - ITAT DELHI] wherein the ITAT has allowed the appeal of the assessee therein as held that as DR has pointed out that the manner of earning of the surrendered income has not been disclosed by the assessee income has not been disclosed by the assessee whereas the assessee by letter dated 21.01.2010 has disclosed the manner of earning the said income by way of trading in commodities and real estate and also stated this fact is substantiated from the seized material. Moreover this factual position is not denied by the AO and this is not the basis for imposing the penalty. In that view of the matter and in view of such facts and circumstances of the case, the CIT(A) is not justified in confirming the action of the AO and accordingly, we direct the AO to delete the penalty imposed under section 271AAA. Appeal of the assessee is allowed.
|