PARAS MAL JAIN,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1, JAIPUR

ITA 353/JPR/2022Status: DisposedITAT Jaipur22 June 2023AY 2013-14Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)20 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the surrendered income, being a land advance, did not qualify as 'undisclosed income' as defined under Section 271AAB. The penalty was levied without specifying which limb of Section 271AAB was invoked, violating principles of natural justice.

What were the facts?

During a search, the assessee surrendered an income of Rs. 2.50 lacs as land advance, which was disclosed in the return. The Assessing Officer (AO) initiated penalty proceedings under Section 271AAB of the Income Tax Act, 1961, which was confirmed by the CIT(A).

What were the issues?

Whether the surrendered land advance constitutes 'undisclosed income' for the purpose of penalty under Section 271AAB and if the penalty notice was specific enough.

Which sections of the Income-tax Act were involved?

Section 271AAB,Section 132,Section 143(3),Section 153B,Section 69,Section 69B,Section 274,Section 275

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Hearing: 29/03/2023Pronounced: 22/06/2023

PER SANDEEP GOSAIN, JM The assessee has filed an appeal against the order of the ld. CIT(A)-4 Jaipur dated 29-07-2022 for the assessment year 2013-14 raising therein following ground of appeal. ‘’1. That the ld. CIT(A) is wrong, unjust and has erred in law in confirming penalty of Rs.2.50 lacs imposed by the AO u/s 271AAB of the Act.

2.

That the ld. CIT(A) is wrong and has erred in law in confirming the said penalty of Rs.2.50 lacs u/s 271

The order continues below.

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