No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4) and Ready to Pay Tax with Interest: ITAT [Read Order]

By Taxscan Team - On June 13, 2022 6:30 pm - 2 mins read
Penalty - Assessee - Undisclosed Income - Ready to Pay Tax - Interest - ITAT - Taxscan

The Income Tax Appellate Tribunal, Delhi Bench has held that no penalty u/s  271 AAA(1) if assessee offered undisclosed income in statement recorded u/s 132(4) and ready to pay tax with interest. The assessee, Late Mr. Krishan Kumar Modi was a resident individual. During the course of search and seizure under section 132 of the…

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