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| The Tax Publishers2020 TaxPub(DT) 1516 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271AAB
No search had taken place at the premises of assessee and assessee had voluntarily disclosed the income. Income had been accepted under section 153C and therefore in such case, no penalty could be imposed under section 271AAB as regards voluntary disclosure during search on behalf of the firm.
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Penalty under section 271AAB - Leviability - Partner of the firm i.e. assessee on behalf of the firm made voluntary disclosure during search - No search had taken place at the premises of assesse and income had been accepted as such under section 153C
During search conducted in Dhanjimama Group of cases, based on documents found, the partner of the firm i.e. assessee on behalf of the firm disclosed an amount of Rs. 26 lakhs for the year under consideration. AO levied penalty under section 271AAB in assessee's case. Held: No search had taken place at the premises of assessee and assessee had voluntarily disclosed the income. Income had been accepted as such under section 153C and therefore in such case, no penalty could be imposed under section 271AAB.
REFERRED :
FAVOUR : in assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 271(1)(C)
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