Penalty u/s 271(1)(c) not imposable for Undisclosed Income detected on Search initiated before Assessment Year: ITAT [Read Order]

By Taxscan Team - On August 4, 2022 6:48 am - 2 mins read
Penalty - undisclosed income - search - assessment year - ITAT - taxscan

The Delhi bench Income Tax Appellate Tribunal (ITAT) comprising Shri Challa Nagendra Prasad, judicial member & Shri Pradip Kumar Kedia, accountant member  The assessee, M/s. BLK Lifestyle Ltd challenged the imposition of a penalty of Rs.3,00,880/- under Section 271(1)(c) of the Income Tax Act,1961. A search and seizure operation was conducted on 19.02.2008 in the…

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