https://www.taxtmi.com/caselaws?id=459552 The ITAT Jaipur allowed the assessee's appeal against penalty under section 271AAB imposed on income surrendered during search proceedings. The assessee had surrendered LTCG from equity share transactions, and the AO imposed 30% penalty treating it as undisclosed income. The ITAT held that penalty under section 271AAB is not automatic and requires careful application of the statutory definition of "undisclosed income" in the Explanation to section 271AAB. The income surrendered in the statement under section 132(4) did not fall within the definition of undisclosed income as contemplated in the provision. The penalty imposed by the AO and sustained by the CIT(A) was deleted. en-us Fri, 22 Mar 2019 00:00:00 +0530 Wed, 18 Dec 2024 12:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459552 The ITAT Jaipur allowed the assessee's appeal against penalty under section 271AAB imposed on income surrendered during search proceedings. The assessee had surrendered LTCG from equity share transactions, and the AO imposed 30% penalty treating it as undisclosed income. The ITAT held that penalty under section 271AAB is not automatic and requires careful application of the statutory definition of "undisclosed income" in the Explanation to section 271AAB. The income surrendered in the statement under section 132(4) did not fall within the definition of undisclosed income as contemplated in the provision. The penalty imposed by the AO and sustained by the CIT(A) was deleted. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459552