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| The Tax Publishers2020 TaxPub(DT) 1974 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271AAB
Penalty can be imposed under section 271AAB where there is undisclosed income within the meaning of explanation (c) to 271AAB. In assessee's case there was no documentary evidence found by search team suggesting that there was any undisclosed income of assessee. As such there was no reference made by AO to the documents of incriminating nature having bearing on income of the assesse. Accordingly, income disclosed voluntarily, could not be treated as undisclosed income and no penalty was leviable under section 271AAB.
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Penalty under section 271AAB - Leviability - income disclosed voluntarily in compliance to notice under section 153A - No documentary evidence found by search team suggesting any undisclosed income
Assessee in compliance to notice under section 153A filed return of making a disclosure of Rs. 27,03,770. AO treated the same as undisclosed income of the assessee for the specified year and levied penalty under section 271AAB. Assessee pleaded that income was disclosed by the assessee voluntarily without having found any document in the course of search. Held:Penalty can be imposed under section 271AAB where there is undisclosed income within the meaning of explanation (c) to 271AAB. In assessee's case there was no documentary evidence found by search team suggesting that there was any undisclosed income of assessee. As such there no reference made by AO to the documents of incriminating nature having bearing on income of the assesse. Accordingly, income disclosed voluntarily, could not be treated as undisclosed income and no penalty was leviable under section 271AAB.
Supported:ACIT v. Marvel Associates reported in (2018) 170 ITD 353 (Visakhapatnam-Trib) : 2018 TaxPub(DT) 1929 (Visakhapatnam-Trib)
REFERRED :
FAVOUR : in assessee's favour
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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