Penalty not sustainable if Assessment order not passes mandate of Section 271AAB

Shiv Bhagwan Gupta Vs ACIT (ITAT Patna)

A perusal of assessment order reveals that the assessing officer has not mentioned about unearthing of any undisclosed income as defined u/s 271AAB of the Act during search action carried out at the premises of the assessee. In my view, the income declared by the assessee in the return of income or found or assessed by the Assessing officer in the assessment proceedings may be relevant for assessment of the income under section 68 /69 and other related provisions of the Act and also for the levy of penalty under s

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