Tribunal held that though the assessee admitted the undisclosed income in statement u\/s. 132(4) but later retracted the same from the statement, therefore the original admission came to be effected. The assessee thereafter filing the return offering the income disclosed u\/s 132(4) in the return of income will not get the immunity as per S. 271AAA(2)(i) of the Act.\u00a0 Levy of penalty is held to be justified.\u00a0 Tribunal held that there is no requirement of recording satisfaction before imposing penalty, unlike S.271(1)(c) of the Act.\u00a0 Tribunal also held that for satisfying the immunity from penalty, conditions to be satisfied cumulatively i.e. surrender undisclosed income and to specify manner in which such income derived and pay taxes with interest in respect of undisclosed income along with return and the CIT(A) has the power to enhance the penalty. (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007\u2013 Retraction of statement\u2013Filing return admitting the additional income after retraction the assessee is not entitle to exemption-No requirement of recording satisfaction for imposing penalty-Immunity from penalty\u2013 both conditions need to be satisfied. [S. 132(4)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10412","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2HW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10412"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10412\/revisions"}],"predecessor-version":[{"id":10413,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10412\/revisions\/10413"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}