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2018 (2) TMI 189 - HC - Income TaxPenalty u/s 271AAA - disclosure of unaccounted income - Held that:- Conditions mentioned in section 271AAA(2) for granting immunity from the penalty are satisfied in the present case as the assessee in his statement under section 132(4) 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. On overall analysis of the entire material on record as well as the order impugned, we unhesitatingly conclude that no error is committed by the Tribunal in confirming the order of CIT(A) in deleting the penalty imposed on the assessee under section 271AAA - Decided in favour of assessee.
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