Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Penalty imposed u/s. 271AAB(1)(a) - search and seizure action u/s. 132(1) - commission amount was not recorded in the books of account - since the assessee as per law need not maintain books of account and since the assessee had time (more than 40 days till 31.03.2013) the said offer of assessee cannot be termed as ‘undisclosed income’ as per the definition discussed supra. So, we find that this commission income which the assessee offered u/s. 132(4) of the Act for AY 2013-14 does not fall in the ken of undisclosed income for the purpose of levy of penalty under section 271AAB. - AT
Penalty imposed u/s. 271AAB(1)(a) - search and seizure action u/s. 132(1) - commission amount was not recorded in the books of account - since the assessee as per law need not maintain books of account and since the assessee had time (more than 40 days till 31.03.2013) the said offer of assessee cannot be termed as ‘undisclosed income’ as per the definition discussed supra. So, we find that this commission income which the assessee offered u/s. 132(4) of the Act for AY 2013-14 does not fall in the ken of undisclosed income for the purpose of levy of penalty under section 271AAB. - AT
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