The Tax Publishers2020 TaxPub(DT) 3714 (Jp-Trib) : (2020) 084 ITR (Trib) 0325

INCOME TAX ACT, 1961

Section 271AAB

In the absence of any clear-cut findings about cash found during search at assessee's residence not representing and belonging to other family members as their past savings, same could not be treated as'' undisclosed income'' of assessee for the year under consideration and, therefore, levy of penalty under section 271AAB was not justified.

Penalty under section 271AAB - Undisclosed income found during search - Cash found at assessee's residence treated as undisclosed income in the absence of any clear-cut findings about cash not representing and belonging to other family members as their past savings -

During search at assessee's residence, cash amounting to Rs. 1.70 crores was found. AO treated the same as undisclosed income under section 271AAB(1)(c) and thus levied penalty @ 30%. Held: Past savings of family members could not be ignored while considering impugned amount of Rs. 1.70 crores as ''undisclosed income'' of assessee and in the absence of any clear-cut findings about cash not representing and belonging to other family members as their past savings, same could not be treated as'' undisclosed income'' of assessee for the year under consideration and , therefore, levy of penalty was not justified.

Applied:Gopal Das Sokhiya in ITA No. 306/JP/2018, dated 11-4-2019 : 2019 TaxPub(DT) 2439 (Jp-Trib)

REFERRED :

FAVOUR : In assessee's favour

A.Y. : 2014-15

INCOME TAX ACT, 1961

Section 271AAB

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