Allahabad HC Upholds Section 271AAB Penalty for Undisclosed Income Admitted in Search

PCIT Vs Sandeep Chandak (Allahabad High Court) These income tax appeals arose from a common order dated 02.01.2017 passed by the Income Tax Appellate Tribunal (ITAT), Lucknow, for the Assessment Year 2014–15, by which penalties imposed under Section 271AAB of the Income-tax Act, 1961 were set aside. The appeals before the Allahabad High Court were filed by the Revenue challenging the ITAT’s decision. A search and seizure operation under Section 132 of the Act was conducted on 24.10.2013 in the Chandak group of cases. During the search, the assessee’s father surrendered undisclosed income...