Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Page of 4819
Press 'Enter' after typing page number.
7241 to 7260 of 96363 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Penalty under section 271AAB(1A) was examined on whether the addition made under section 69B read with section 115BBE qualified as "undisclosed income" under Explanation clause (c). The statutory definition mandates that such income must be evidenced by money, bullion, jewellery or other valuable article/thing, or by entries/documents/transactions found during the search under section 132; thus, discovery of incriminating material in search is a mandatory precondition. As no incriminating material was found during search to support the addition of Rs. 28 lakhs, the amount did not fall within "undisclosed income," and the penalty could not be sustained; deletion of the penalty was directed and the appeal was allowed. - ITAT
Penalty under section 271AAB(1A) was examined on whether the addition made under section 69B read with section 115BBE qualified as "undisclosed income" under Explanation clause (c). The statutory definition mandates that such income must be evidenced by money, bullion, jewellery or other valuable article/thing, or by entries/documents/transactions found during the search under section 132; thus, discovery of incriminating material in search is a mandatory precondition. As no incriminating material was found during search to support the addition of Rs. 28 lakhs, the amount did not fall within "undisclosed income," and the penalty could not be sustained; deletion of the penalty was directed and the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
