Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 73 - AT - Income TaxPenalty u/s. 271AAA - unexplained cash payments offered as additional income - no specific query raised by the Authorised Officer while recording statement u/s. 132(4) - Held that:- As during the assessment proceedings, the assessee has stated that the undisclosed income in dispute has been earned from transactions in land / properties and from other speculative activities and for this claim, papers and correspondence was also found and seized Since no specific query was raised at the time of recording statement u/s. 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized. CIT(A) has rightly held that assessee is not at fault for substantiating the manner for earning the undisclosed income, in the absence of any specific query raised by the Authorised Officer while recording statement u/s. 132(4). The assessee has substantiated the manner, during the assessment proceedings, therefore, the Ld. CIT(A) has rightly deleted the penalty in dispute. - Decided in favour of assessee
|