Income surrendered during Search and Seizure cannot be treated as ‘Undisclosed’: ITAT deletes Penalty u/s 271AAB of Income Tax Act [Read Order]

By Sunayana Dhal - On July 14, 2023 9:30 am - 2 mins read
Income surrendered during Search and seizure cannot be treated as Undisclosed - ITAT deletes Penalty - Income Tax Act -TAXSCAN

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that income surrendered during search and seizure cannot be treated as an undisclosed, deleted penalty under Section 271AAB of the Income Tax Act, 1961. The assessee is engaged in business manufacturing, trading, and export of precious &semi-precious stones from the last several years. A…

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