Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
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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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