Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 686 - ITAT DELHIPenalty u/s 271AAA - defective notice - non specification of clear charge - change of stand - HELD THAT:- Initially the Assessing Officer recorded the finding “that assessee company has not specified and substantiated the manner in which such unaccounted income has been derived by it”. But, subsequently, he recorded the finding “that the assessee company has failed to explain the manner in which the undisclosed income was derived”. We further find that in the notice issued under Section 271AAA, the penalty proceedings have been initiated on altogether different charges. There is no clarity in the stand of the Revenue for initiation of penalty under Section 271AAA, whether it is for failure of the assessee to explain the manner in which undisclosed income was derived or it is the failure of the assessee to substantiate the manner of earning of income or for not recording of such income in the books of account. See BHAVI CHAND JINDAL [2018 (9) TMI 1560 - DELHI HIGH COURT] - thus we cancel the penalty levied under Section 271AAA - Decided in favour of assessee.
|