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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Penalty u/s 271AAA - sum surrendered in statement recorded u/s ...

Income Tax

August 5, 2019

Penalty u/s 271AAA - sum surrendered in statement recorded u/s 132(4) during the search - since assessee cannot be said to have not satisfied the condition of specifying the manner of deriving undisclosed income as per section 271AAA, he cannot escape the penalty

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  1. Penalty - Assessment after search and seizure operation under section 132 - Assessee has satisfied the conditions for not levying the penalty under Section 271AAA - AT

  2. Penalty u/s 271AAA - Assessment u/s 153C - search and seizure proceedings u/s 132(1) not carried out against the assessee - the primary condition of section 271AAA...

  3. 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 -...

  4. 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...

  5. Penalty u/s 271AAA - Addition being 10% of the undisclosed income - There remains no ambiguity to the fact that the AO has not brought anything on record including the...

  6. Statement recorded u/s 133A (3)(iii) is different than the statement recorded during search and seizure u/s 132(4), both have different evidentiary value

  7. 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...

  8. Penalty u/s.271AAA - Once the income is surrendered during the course of search under section 132(4) it can be safely assumed that during discussion the assessee must...

  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 - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

 

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