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No section 271AAB penalty on admitted and Surrendered Income
Case Law Details
- Case Name
- Ashish Mittal Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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Ashish Mittal Vs DCIT (ITAT Delhi)
The Ld. AR submitted that the Assessing Officer has not contemplated the proper penalty notice as per the provisions of Section 271AAB. The Assessing Officer was not correct in imposing the penalty u/s 27 1AAB as the assessee has surrendered the income and also paid taxes accordingly
The insertion of Section 271AAB is from Finance Act, 2012 w.e.f 1/7/20 12. The Section 271AAB shall be invoked in case where search has been initiated u/s 132 on or after 1st Day of July, 2012. In the present case, the search took place on 30/03/2016. This penalty can be impose...
