Tribunal held that though the asessee admitted the undisclosed income in statement u\/s. 132(4)\u00a0 but later retracted from the statement , 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)\u00a0 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\u00a0 pay taxes with interest in respect of undisclosed income along with return\u00a0 and the CIT(A)\u00a0 has the power to enhance the penalty.(ITA Nos. 932\/PUN\/13 A.Y. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007\u2013 Retraction of statement\u2013Filing the return admitting the additional income after retraction the assessee is not entitle to exemption-No requirement of recording satisfaction before imposing penalty-Immunity from penalty\u2013Conditions 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. CIT(A) has the power to enhance the penalty.[S. 132(4), 251, 271AAA(2)]<\/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-7568","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Y4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7568","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=7568"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7568\/revisions"}],"predecessor-version":[{"id":7569,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7568\/revisions\/7569"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}