Section 271AAA - Page 2

Penalty U/s. 271AAA not leviable if Assessee Discloses manner of earning income

Ashok Kumar Arora Vs ACIT (ITAT Delhi)

That the Commissioner (Appeals) has, in view of the facts and circumstances of the case, grossly erred on facts and in law in observing that the surrender made by the assessee is not in course of the statement recorded under section 132(4) and hence section 271 AAA benefit cannot be granted to the appellant....

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Penalty U/s. 271AAA cannot be levied if revenue NOT Made enquiry as regards manner of deriving of undisclosed income

The Jt. Commissioner of Income-tax Vs Shri Jayendra N. Shah (ITAT Ahmedabad)

Where revenue itself failed to enquire from assessee as regards the manner in which undisclosed income admitted under section 132(4) was derived, the assessee could not be held guilty of not substantiating the manner of deriving of such undisclosed income, therefore, no penalty under section 271AAA could be levied....

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