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Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, says Finance Ministry
The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency...
![No Penalty if the Assessee Admits his Undisclosed Income during the Course of Search Proceedings: ITAT Ahmedabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/10/Penalty-TaxScan.jpg "No Penalty if the Assessee Admits his Undisclosed Income during the Course of Search Proceedings: ITAT Ahmedabad [Read Order]")
![No Penalty if the Assessee admits Undisclosed Income during the course of proceedings: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "No Penalty if the Assessee admits Undisclosed Income during the course of proceedings: ITAT Mumbai [Read Order]")
Failure of the Assessee to Prove the Legality of his Undisclosed Income will not attract Penalty u/s 271(1)(c); ITAT Hyderabad [Read Order]
The Hyderabad bench of Income Tax Appellate Tribunal recently held that the failure on the part of the assessee to substantiate the legality of his undisclosed income will only attract assessment...
