42 results for “penalty u/s 271”+ Section 250(4)clear
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In the result, the appeal filed by the revenue is dismissed and the
Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh
section 271AAB of the Act, the penalty is leviable only on undisclosed income. In the instant case, the A.O. has failed to establish the undisclosed income, hence, we hold that there is no case for imposing penalty u/s 271AAB of the Act, accordingly, we cancel the penalty and set aside the order of the lower authorities. ITA 132/Vizag/2017