Tag Archives: Undisclosed Income

Keeping Sugar beyond the permissible limit can not be treated as undisclosed income if shown in Books of Accounts

Facts of the Case Respondent-assessee, proprietor of M/s Khubi Ram Johri Lal was doing the business of trading sugar, ghee and other items at old Grain Market, Moga. The assessee filed his return of income for the assessment year 2010-11 on 13.10.2010 declaring the taxable income of Rs 1,36,79,960/-, which was processed under Section 143(1)… Read More »

Penalty for undisclosed income can be imposed under section 271AAA and not under Section 271(1)(c)

As per  Section 271AAA (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1) of Section 271AAA. IN THE ITAT AHMEDABAD BENCH Dr. Naman A. Shastri v. Assistant Commissioner of Income-tax, Central Circle… Read More »