Tribunal held that, when the assessee suomotu admitted undisclosed income and substantiated manner in which such undisclosed income was earned and had also paid tax together with interest, assessee is liable to pay penalty at rate of 10 per cent in terms of clause (a) of section 271AAB(1) but not under clause (c) at rate of 30 per cent of section 271AAB(1). (AY. 2013-14)
ACIT v. Vishal Agarwal. (2019) 174 ITD 125/ 175 DTR 127/ 198 TTJ 180 (Kol.)(Trib.)ACIT v. Shailaja Park ( P) Ltd (2019) 175 DTR 127/195 TTJ 180 (Kol) (Trib.) ACIT v. Vikash Agarwal (2019) 175 DTR 127 /195 TTJ 180(Kol) (Trib.)
S. 271AAB : Penalty-Search initiated on or after 1st day of July 2012-Disclosure of undisclosed income-Disclosed manner of earning of income and paid tax along with interest-liable to pay penalty at 10% and not at 30%. [S. 132(4)]