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| The Tax Publishers2020 TaxPub(DT) 3586 (Ind-Trib) INCOME TAX ACT, 1961
Section 271AAA
Since no question was asked during recording of statement under section 132(4) in respect of manner of earning of additional income, no penalty could have been levied under section 271AAA for want of substantiating the manner of earning such additional income, more so when related amount was included in income-tax return and tax due on such additional income was also paid.
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Penalty under section 271AAA - Leviability - AO alleged assessee's failure to substantiate manner of earning additional income offered voluntarily during search - No question asked during recording of statement under section 132(4) in respect of manner of earning of additional income
AO levied penalty under section 271AAA for want of substantiating the manner of earning additional income offered voluntarily during search. Held: Since no question was asked during the course of recording of statement under section 132(4) in respect of manner of earning of additional income, no penalty could have been levied under section 271AAA for want of substantiating the manner of earning such additional income, more so when related amount was included in income-tax return and tax due on such additional income was also paid. Hence, penalty was deleted.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
IN THE ITAT, INDORE BENCH
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