Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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
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