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2022 (7) TMI 20 - AT - Income TaxPenalty @ 10% u/s 271AAA - undisclosed income - HELD THAT:- Issue decided in favour of assessee as relying on case of Garg Brothers Pvt. Ltd [2022 (3) TMI 1076 - ITAT KOLKATA] assessee in its disclosure petition has conditionally offered to cover any other undisclosed income which has been unearthed during search. This action of assessee was out of abundant caution and conditional (provided there is material suggesting any undisclosed income un-earthed during search). However, finding that there was no other undisclosed income to identify with the seized materials/Panchanama, the assessee while filing the return of income pursuant to section 153A - taking note that the amount has been brought to tax by the AO though not shown by the assessee in the Return of Income, the penalty u/s. 271 AAA of the Act cannot be legally sustained. - Decided in favour of assessee.
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