No complete immunity from penalty if undisclosed income finally assessed is more than declared one

CIT Vs Heera Construction Co Pvt. Ltd. High Court of Kerala ITA No. 202 of 2010 Decided on: 4 April 2011 Judgment Per: Ramachandran Nair, J: Respondent assessee is a Private Limited Company engaged in real estate business i.e. construction and sale of commercial and residential apartments and buildings. A search was conducted by the Income Tax Department in the business premises and in the residence of Directors of the Company under section 132 of the Income Tax Act (hereinafter referred to as the Act for short). Pursuant to the search, the Assessing Officer proposed to make b...