Penalty u/s 271AAA on members of AOP for income initially disclosed and declared in the hands of AOP

Penalty levied u/s 271AAA on members of AOP is rightly deleted by tribunal in a case where income initially disclosed and declared in the hands of AOP is subsequently disclosed in the individual hands of members forming AOP. CIT Vs. VIRENDARA KUMAR GUPTA (DELHI HIGH COURT) The AOP consisted of Virendara Kumar Gupta, Sarad Jain and Sudhir Jain. Initially, the AOP had declared the entire undisclosed income. AOPs are taxed at maximum marginal rate, whereas individuals are taxed on cascading scale. The Assessing Officer had himself given tax credit to individual members of the tax paid by AOP. A...