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2022 (3) TMI 1077 - AT - Income TaxPenalty imposed u/s. 271AAB(1)(a) - search and seizure action u/s. 132(1) - commission amount was not recorded in the books of account of the assessee on the date of search, the said amount is an ‘undisclosed income’ - HELD THAT:- As in the absence of any discovery/seizure of any material during search which un-raveled the purported undisclosed commission income and since the assessee as per law need not maintain books of account and since the assessee had time (more than 40 days till 31.03.2013) the said offer of assessee cannot be termed as ‘undisclosed income’ as per the definition discussed supra. So, we find that this commission income which the assessee offered u/s. 132(4) of the Act for AY 2013-14 does not fall in the ken of undisclosed income for the purpose of levy of penalty under section 271AAB. So since the assessee’s disclosure does not fall in the definition of undisclosed income in sub clause (i) to clause (c) of section 271AAB of the Act, the penalty u/s. 271AAB of the Act cannot be legally sustained in the facts of this case as rightly held by the Ld.CIT(A) by relying on the decision of this Tribunal in M/s. Rashmi Metaliks. - Decided in favour of assessee.
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