36 results for “penalty u/s 271”+ Section 151(1)clear
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In the result, both the appeals of the Revenue are dismissed
Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal
271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD BE QUA ADMISSION OF INCOME U/S 132(4) AND NOT QUA THE ASSESSEE WHOSE PREMISES WAS SEARCHED U/S 132(1). 7. Relevant extracts