Deletion of penalty levied u/s 271AAA - post search assessment - ...

Penalty u/s 271AAA removed after AO accepts disclosed income; no undisclosed income found.

April 23, 2015

Case Laws Income Tax AT

Deletion of penalty levied u/s 271AAA - post search assessment - AO had accepted the disclosed income declared by the assessee and no addition on account of undisclosed income has been made by the AO - No penalty - AT

View Source

← Previous Next →

Deletion of penalty levied u/s 271AAA - post search assessment - ...

Penalty u/s 271AAA removed after AO accepts disclosed income; no undisclosed income found.

April 23, 2015

Case Laws Income Tax AT

You may also like:

Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record...

Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

Penalty u/s 271AAB - undisclosed income - AO’s action penalizing the assessee qua the said disclosed / duly recorded income is found to be not sustainable therefore. -...

Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Section 271AAA(2) of the Income Tax Act mandates that for avoiding penalty, the assessee company must not only disclose undisclosed income during a statement recorded...

Once penalty U/s 271AAA of I.T. Act has been levied in respect of undisclosed income, the AO was in error of law prescribed U/s 271AAA(3) of I.T. Act, in imposing...

The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had...

Penalty u/s 271(1)(c) was levied by the Assessing Officer solely based on the order of the Income Tax Settlement Commission withdrawing immunity from penalty and...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

SC held that penalty under Section 271AAA(1) was not applicable on Rs.2,27,65,580/- as the appellant satisfied all conditions by admitting undisclosed income during...

Quick Updates: