No Penalty Under Section 271AAA Without Recorded Statement

Sh. Padam Singhee Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Padam Singhee Vs DCIT, ruled that penalties under section 271AAA of the Income Tax Act cannot be levied without a recorded statement under section 132(4) of the Income Tax Act if the taxpayer voluntarily surrenders income. The case focused on the incorrect imposition of a hefty penalty of Rs. 42,65,000 against the assessee, Padam Singhee. The case centered on the lack of a recorded statement under section 132(4) of the Income Tax Act, which was essential for the imposition of penalties under s...