ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed Income Source During Search Proceedings [Read Order]

ITAT deletes Income Tax Act Due to Lack of - Opportunity to Explain Undisclosed Income Source During Search Proceedings - TAXSCAN

The Income Tax Appellate Tribunal (ITAT ) Delhi bench deleted the penalty under section 271AAA of the Income Tax Act, 1961 due to lack of opportunity to explain the undisclosed income source during the search proceedings. Assessee, Vikram Dhirani  surrendered an income found during the course of search proceedings  and voluntarily included the same in…

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