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2020 (4) TMI 534 - AT - Income TaxPenalty levied u/s 271AAA - undisclosed income offered by the assessee during the course of assessment proceedings and unexplained cash found during the course of search - HELD THAT:- Undisclosed income was neither offered to tax during the course of search nor it was included in the Income Tax Return filed by the assessee. The addition was made while finalizing the assessment order. Thus assessee has not fulfilled any of the conditions enumerated above in Section 271AAA(2) of the Act. Addition for unexplained cash which was found during the course of search at the assessee’s residence on 25.11.10, assessee could not give any plausible reply to satisfy the search team as well as the Ld. A.O during the course of assessment proceedings. Assessee has also not challenged this addition before the Tribunal. So as far as unexplained cash is concerned assessee failed to fall in Section 271AAA(2) of the Act. Assessee is liable to pay penalty u/s 271AAA of the Act @10% on the undisclosed income and unexplained cash .- Decided partly in favour of assessee.
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