Tag: Penalty 271AAA

Penalty u/s 271AAA(1) not leviable on undisclosed income offered during assessment proceedings and not during search – Supreme Court.  In a recent judgment, the Hon’ble Supreme Court held that penalty u/s 271AAA(1) was not leviable when assessee offered undisclosed income during the course of assessment proceedings only and …

Delay condoned as assessee filed a single appeal against two penalty orders and later realized that a single appeal against two penalty orders passed under different sections not permissible ABCAUS Case Law Citation: ABCAUS 2954 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Manoj Ahuja …

CIT-Appeals is not Assessing Officer hence can not initiate or levy penalty. The enhancement of penalty u/s 271AAA by CIT-A held not sustainable ABCAUS Case Law Citation: ABCAUS 2583 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT versus Mrs. Ritu Singhal 403 ITR 97 …

Penalty u/s 271AAA-what constitutes substantiating how undisclosed income was derived-High Court explains prerequisites of statement u/s 132(4) to avert penalty ABCAUS Case Law Citation: ABCAUS 2247 (2018) (03) HC The Revenue was aggrieved by the order of the ITAT in deleting the penalty u/s 271AAA of the Income …