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2019 (8) TMI 1267 - AT - Income TaxLevy of penalty u/s 271AAB - income surrendered consequent to search action carried out on Maharaja Group of cases to which all the above assessees belonged - HELD THAT:- As per section 271AAB, penalty is levied on the undisclosed income found during search and the quantum of penalty varies from 10% to 30% of the undisclosed income, depending upon fulfillment of certain conditions by the assessee as specified in the section. The statement referred to by the Ld.DR of Sh. Sukhdarshan Kumar was not available in original, We consider it fit to restore the issue back to the Ld.CIT(A) with the direction to obtain the original copy of the statement recorded of Sh.Sukhdarshan Kumar and thereafter adjudicate the issue afresh. The Ld.CI T(A) may consider all other aspects as he deems fit and thereafter decide the issue in accordance with law. Needless to add the assessee be granted adequate opportunity of hearing. Appeals of the assessee are allowed for statistical purposes.
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