Initiating and levying of penalty u/s 271 AAA of the Income Tax Act, 1961

Last updated: 11 August 2021

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The Income Tax Appellate Tribunal has allowed an appeal by an assessee, deleting a penalty levied under Section 271AAA of the Income Tax Act, 1961. The Tribunal found that since the undisclosed income on which the penalty was based had already been deleted by the Tribunal in prior proceedings, the penalty could not stand. Consequently, the penalty and the related appeal were dismissed.

Court :
ITAT Delhi

Brief :
This appeal by the assessee is directed against order dated 31/01/2018 passed by the Ld. Commissioner of Income Tax (Appeals)-24, New Delhi [in short 'learned CIT(A)'] in relation to penalty levied under section 271AAA of Income-tax Act, 1961 (in short 'the Act') for assessment year 2012-13. The grounds raisedby the assessee are reproduced.

Citation :
ITA No.2518/Del/2018

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Attached File : 1442821_4140_1627386549_ita_no_2518_of_2018_shailendera_kumar_gautam_vs.pdf

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Judgement posted by

Poojitha Raam Vinay

Practice

I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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