No Penalty u/s 271AAA on Surrendered Income without Statement recorded under Income Tax Act: ITAT [Read Order]

By Devanand T R - On June 3, 2023 5:30 pm - 2 mins read

Penalty - No Penalty - Surrendered Income - Surrendered Income without Statement recorded under Income Tax Act - Income Tax Act - Income Tax - Tax - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that penalty under Section 271AAA of the Income Tax Act, 1961 shall not be attracted on the income surrendered by the assessee if the department failed to record a statement under Section 132(4) of the Income Tax Act during the proceedings. The appeal was preferred…

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