{"id":13828,"date":"2020-11-14T15:10:15","date_gmt":"2020-11-14T15:10:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/laxman-nainani-v-dy-cit-2020-80-itr-1-jaipur-trib-2\/"},"modified":"2022-04-06T18:39:39","modified_gmt":"2022-04-06T13:09:39","slug":"laxman-nainani-v-dy-cit-2020-80-itr-1-jaipur-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/laxman-nainani-v-dy-cit-2020-80-itr-1-jaipur-trib-2\/","title":{"rendered":"Laxman Nainani v. Dy. CIT (2020) 80 ITR 1 \/( 2021 ) 210 TTJ 562 \/ 204 DTR 97 ( Jaipur) (Trib)"},"content":{"rendered":"<p>Tribunal held that the once a specific definition of undisclosed income has been provided in section\u00a0271AAB\u00a0, being a penal provision, the provision must be strictly construed and the Assessing Officer had to record a clear and specific finding to this effect and could not be solely guided by the surrender made by the assessee during the course of search. There was no finding in the penalty order to this effect that undisclosed income found and surrendered during the course of search fell under the definition of \u201cundisclosed income\u201d as defined in section\u00a0271AAB\u00a0and in the absence thereof, on this ground itself, the penalty proceedings deserved to be set aside. \u00a0The levy of penalty is not mandatory and depends upon the specific facts and circumstances of each case. The surrender of the during the course of search may be the basis for the assessment but could not form the basis for levy of penalty which proceedings were separate and distinct proceedings in the absence of a specific finding as to how the amount qualify as an undisclosed income as so defined under section\u00a0271AAB\u00a0. Hence, penalty levied thereon was liable to be set aside<em> (<\/em>AY.2008-09 to 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271AAB:Peanlty -Search initiated on or after Ist day of July  2012- Surrender of income \u2013 Recording of specific charge is mandatory &#8211;  Penalty levied was quashed . [ S.153A ] <\/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":[21],"tags":[],"class_list":["post-13828","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3B2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13828","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=13828"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13828\/revisions"}],"predecessor-version":[{"id":26334,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13828\/revisions\/26334"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}