Dismissing the appeal of the Revenue the Court held that the Tribunal was right in holding that the assessee was entitled to immunity from penalty under section 271AAA of the Act in respect of surrender of undisclosed income to cover discrepancies. (AY.2012-13)
PCIT v. Ind Swift Laboratories Ltd. (2023)456 ITR 270 /153 taxmann.com 763 / 335 CTR 1105(P&H)(HC)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Surrender of undisclosed income-Cover discrepancies-Levy of penalty is not valid.[S. 132]