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| The Tax Publishers2019 TaxPub(DT) 0217 (Kol-Trib) INCOME TAX ACT, 1961
Section 271AAB
Penalty under section 271AAB could not be imposed by AO because in absence of any material on record which indicated that the assessee's undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein.
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Penalty under section 271AAB - Undisclosed income found during search - Imposition of -
A search and seizure proceedings were conducted at residential premises of assessee. During the course of search proceedings, while making statement under section 132(4), an amount was offered to tax in hands of assessee as additional income, i.e., cash, jewellery and other valuable articles, etc. AO initiated penalty proceedings on additional income offered under section 271AAB. Held: There was no material on record and no discriminating document was found during the course of search which indicated that the assessee's undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. Thus, penalty under section 271AAB was liable to be deleted.
Relied:Dilip N. Shroff v. Jt. CIT & Anr. (2007) 291 ITR 519 (SC) : 2007 TaxPub(DT) 1247 (SC) A.C.I.T., Circle-2 (3) Kolkata v. Sri Kanwar Sain Gupta in (ITA No.538/Kol/2017, dt. 29-6-2018)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, KOLKATA BENCH
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