Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
ITAT set aside the order of the CIT(A) and restored the appeal to the CIT(A) directing a fresh, reasoned adjudication. The Tribunal held that penalty under section 271AAB can be levied only on quantified "undisclosed income" as defined in the Explanation, and observed the AO failed to identify entries, transactions or seized documents forming the basis of any undisclosed income. CIT(A) erred by upholding the penalty without a speaking order addressing computation and reasons as required by law. The matter is remitted for the CIT(A) to consider the assessee's submissions, ascertain and quantify any undisclosed income on the basis of seized documents, and pass a detailed speaking order.
ITAT set aside the order of the CIT(A) and restored the appeal to the CIT(A) directing a fresh, reasoned adjudication. The Tribunal held that penalty under section 271AAB can be levied only on quantified "undisclosed income" as defined in the Explanation, and observed the AO failed to identify entries, transactions or seized documents forming the basis of any undisclosed income. CIT(A) erred by upholding the penalty without a speaking order addressing computation and reasons as required by law. The matter is remitted for the CIT(A) to consider the assessee's submissions, ascertain and quantify any undisclosed income on the basis of seized documents, and pass a detailed speaking order.
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