No Section 271AAB penalty In absence of mechanism to report investment in tax return

Gauri Shankar Kandoi Vs DCIT (ITAT Jaipur) Given that the assessee is a salaried person who is not required to maintain any books of accounts and there is no mechanism to report the investment in the tax return, the said investment cannot be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB of the Act. In light of the same, the investment of Rs. 17,16,594/- so found in purchase of Villa at Suncity Township at Sikar Road, Jaipur cannot be termed as undisclosed income within the meaning of “undisclosed income” as so defined u/s 271 AAB of the Act and...