BIJAY KUMAR GARODIA,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(4),, KOLKATA

ITA 2938/KOL/2025Status: DisposedITAT Kolkata05 March 2026AY 2013-2014Bench: SHRI RAJESH KUMAR (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the disclosed income, derived from various transactions and recorded in 'other documents' found during the search, did not fall within the definition of 'undisclosed income' under Section 271AAB. Furthermore, the AO failed to record satisfaction for initiating penalty proceedings.

What were the facts?

A search was conducted on the assessee's premises, and subsequently, the assessee disclosed an income of Rs. 5.75 Crores in their return, which was accepted by the AO. However, the AO initiated penalty proceedings under Section 271AAB of the Income Tax Act, 1961.

What were the issues?

Whether the income disclosed by the assessee, found in 'other documents' during a search, qualifies as 'undisclosed income' for penalty under Section 271AAB, and whether the AO recorded sufficient satisfaction for initiating penalty proceedings.

Which sections of the Income-tax Act were involved?

Section 271AAB,Section 132,Section 250

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

Per Rajesh Kumar, AM

The present appeal filed by the assessee arises from order dated 24.10.2025 passed u/s 250 of the Income Tax Act, 1961 (hereafter “the Act”) by the Ld. Commissioner of Income Tax (Appeals) Kolkata-26 [hereinafter referred to “the Ld. CIT(A)] for assessment year 2013-14. 2. The only issue raised by the assessee in the various grounds of appeal is against the confirmation of penalty of Rs. 57,50,000/- by the Ld. CIT(A) as imposed by the AO u/s 271AAB of the Act by ignoring the fac

The order continues below.

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