Income Tax - Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. There are three modes built in the fiscal legislation for encouraging tax compliance: (a) Charge of Interest; (b) Imposition of penalty; (c) launching of prosecution agai...
Read MoreSam India Builtwell (P) Ltd. Vs DCIT (ITAT Delhi) - ITAT states that, disclosure of manner in which undisclosed income was earned and substantiating the manner in which undisclosed income was earned are two different things. Hence, there is no clarity in the stand of the Revenue for initiation of penalty under Section 271AAA,...
Read MoreRajendra Aggarwal Vs DCIT (ITAT Delhi) - Rajendra Aggarwal Vs DCIT (ITAT Delhi) It is pertinent to note that the Assessing Officer completed the assessment by accepting the return of income filed by the assessee which included surrendered amount of Rs. 51,64,100/-. In fact in the Assessment Order, the Assessing Officer added another sum of...
Read MorePr. CIT Vs Bhavi Chand Jindal (Delhi High Court) - Penalty under section 271AAA could not be imposed on assessee on the ground that assessee failed to substantiate the manner in which undisclosed income was derived in case assessee had included the same in his return of income and accepted by AO without making any addition to the returned income....
Read MoreDCIT Vs Pradeep Aggarwal (ITAT Delhi) - DCIT Vs Pradeep Aggarwal (ITAT Delhi) Since the assessee in the instant case has surrendered additional income and paid the taxes due thereon and no specific query was raised by the search party at the time of search to substantiate the manner of earning such income, therefore, following the decisio...
Read MoreACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) - ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclo...
Read MoreSam India Builtwell (P) Ltd. Vs DCIT (ITAT Delhi) -
Rajendra Aggarwal Vs DCIT (ITAT Delhi) -
Pr. CIT Vs Bhavi Chand Jindal (Delhi High Court) -
DCIT Vs Pradeep Aggarwal (ITAT Delhi) -
ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) -
DCIT Vs Star Wire Ind. Ltd. (ITAT Delhi) -
Mahavir Prasad Jaipuria Vs Assist. CIT (ITAT Delhi) -
DCIT Vs Jainco Developers (P) Ltd. (ITAT Delhi) -
Ashok Kumar Arora Vs ACIT (ITAT Delhi) -