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2020 (4) TMI 741 - AT - Income TaxPenalty u/s 271AAB - disclosure of additional income in the return of income filed under section 153A - no undisclosed income or the inflation of expenditure during the search/ assessment proceedings - HELD THAT:- Unable to accept the contention of the revenue that the loose sheet found during the course of search indicates any undisclosed income or asset or inflation of expenditure. An addition has been made on the basis of loose document, which did not closely prove any concealment or furnishing of inaccurate particulars by the assessee - Penalty u/s 158BFA (2) is not leviable. The facts of the assessee's case shows that there was no undisclosed income found during the course of search and no incriminating material was found, hence we hold that there is no case for imposing penalty u/s 271AAB of the Act, accordingly, we set aside the order of the lower authorities and cancel the penalty u/s 271AAB of the Act.- Decided in favour of assessee.
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