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Income Tax - Highlights / Catch Notes

Home Highlights March 2018 Year 2018 This

Penalty u/s.271AAA - undisclosed income addition - the ...

Income Tax

March 20, 2018

Penalty u/s.271AAA - undisclosed income addition - the assessee's responsibility to substantiate the manner of deriving such income did not commence. - When the base requirement itself fails, the question of denying the benefit of no penalty would not arise. - AT

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  1. Penalty u/s 271 AAA - source and manner in which the undisclosed income was derived - where no statement u/s 132(2) of the Act is recorded or specific query is made...

  2. Penalty u/s 271AAA - defective notice - if there is no clarity in the stand of the Revenue for initiation of penalty u/s 271AAA, whether it is for failure of the...

  3. Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through...

  4. Penalty u/s 271AAA(2) - specification the manner of undisclosed income and substantiated the manner in which the income was derived - no such query at the time of...

  5. Penalty u/s 271AAA - when the assessee has failed to specify the manner and substantiate the manner in which the undisclosed income was derived rather embark upon the...

  6. Penalty u/s 271AAA - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various...

  7. Penalty u/s 271AAA - assessee was asked to explain the entries in the 'work-in-progress sheet' - assessee was not asked about the manner in which such income was earned...

  8. 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 -...

  9. The penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income unless admitted in a statement u/s 132(4) and specified the manner...

  10. Penalty u/s 271AAA - assessee failed to substantiate the manner in which undisclosed income was derived - from the statement of director, no such question had been asked...

 

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