Tribunal held that\u00a0 as \u00a0regards the addition for unexplained cash of Rs. 59,116 which was found during the course of search at the assessee\u2019s residence, the assessee could not give any plausible reply to satisfy the search team or the Assessing Officer during the course of assessment proceedings. The assessee had also not challenged this addition before the Tribunal. So as far as unexplained cash of Rs. 59,116 was concerned the assessee did not fall within the scope of section\u00a0271AAA(2)\u00a0. Therefore the assessee was liable to pay penalty under section\u00a0271AAA\u00a0at 10 per cent. on the undisclosed income of Rs.\u200212,52,670 and unexplained cash of Rs. 59,116 totalling Rs. 13,11,786 on which the penalty was sustained at 10 per cent. at Rs. 1,31,179.( AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 \u2013Unexplained cash \u2014Not giving any plausible reply to satisfy search team or Assessing Officer during course of assessment proceedings \u2014 Levy of penalty is held to be justified. <\/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-14478","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Lw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14478","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=14478"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14478\/revisions"}],"predecessor-version":[{"id":14479,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14478\/revisions\/14479"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}