Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1310 - HC - Income TaxPenalty u/s 271(1)(c) - immunity under section 271AAA - Held that:- In the present case, the assessee has admitted the undisclosed income in the statement given under subsection (4) of section 132. AO made the assessment on the basis of disclosure made by the partners of the assessee firm in their statements under section 132(4) and no further addition has been made in the assessment order. He has also provided all the details to that effect, and has offered an income of ₹ 3 crores. It was clearly explained in the statement dated 31.03.2011. No specific question was asked as regards the manner of earning the undisclosed income or substantiation thereof by the Assessing Officer. The assessee has also paid taxes as well as interest. Thus, the contention of the revenue that the assessee has not substantiated the manner in which the undisclosed income is derived, does not merit acceptance. No evidence was found which would suggest that the assessee had earned the undisclosed income from any other source instead of projects Conditions mentioned in section 271AAA(2) of the Act for granting immunity from the penalty are satisfied in the present case as the assessee in his statement under section 132(4) of the Act has made a disclosure of unaccounted income; the manner in which the same was earned was also clearly stated and the taxes were also paid. It is pertinent to note that the revenue did not raise any ground before the Tribunal challenging correctness of the Commissioner (Appeals') order converting the penalty from section 271(1)(c) to section 271AAA of the Act. - Decided against revenue
|