Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal affirmed the existence of undisclosed income discovered during the search, based on cogent evidence of unexplained liabilities and unrecorded expenditures, which met the definition of 'undisclosed income' u/s 271AAB. The Tribunal dismissed the assessee's contention regarding the non-existence of undisclosed income, stating that the assessee's conduct accepted the existence of undisclosed income. Regarding the quantum of penalty, the Tribunal observed that while the Assessing Officer imposed a 30% penalty under clause (c) of Section 271AAB(1), there appears to be a legislative aberration wherein an assessee admitting undisclosed income but failing to specify the manner of deriving it faces a higher penalty compared to an assessee who does not make any admission during the search.
The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal affirmed the existence of undisclosed income discovered during the search, based on cogent evidence of unexplained liabilities and unrecorded expenditures, which met the definition of 'undisclosed income' u/s 271AAB. The Tribunal dismissed the assessee's contention regarding the non-existence of undisclosed income, stating that the assessee's conduct accepted the existence of undisclosed income. Regarding the quantum of penalty, the Tribunal observed that while the Assessing Officer imposed a 30% penalty under clause (c) of Section 271AAB(1), there appears to be a legislative aberration wherein an assessee admitting undisclosed income but failing to specify the manner of deriving it faces a higher penalty compared to an assessee who does not make any admission during the search.
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