During course of search proceedings the \u00a0assessee surrendered certain additional income. AO added said amount to assessee’s taxable income and also levied the penalty . CIT(A) confirmed the penalty . On appeal the Tribunal \u00a0the assessee contended that surrender was made on understanding that no penalty would be visited upon him.\u00a0 Accordingly no discretion was vested upon revenue authorities for imposition of penalty and, thus, any such belief entertained by assessee had no legal sanction . Tribunal held that \u00a0in view of fact that an effective opportunity of being heard had not been exercised by assessee on account of misconception entertained and mistaken belief, impugned penalty order was to be set aside and, matter was to be remanded back for disposal afresh. (AY.2013-14 , 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271AAB:Peanlty -Search initiated on or after Ist day of July 2012- Amount surrendered \u2013 No reasonable opportunity was given – Matter remanded to the AO [ S. 132, 274 ]<\/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-8371","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2b1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8371","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=8371"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8371\/revisions"}],"predecessor-version":[{"id":8372,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8371\/revisions\/8372"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}