[aaykarbhavan] No penalty on declaration of undisclosed assets during search in absence of any evidence to prove its ownership

No penalty on declaration of undisclosed assets during search in absence of any evidence to prove its ownership

July 18, 2014[2014] 46 taxmann.com 213 (Cochin - Trib.)

IT : Where no material was found with regard to assessee's ownership of asset found in search, deeming provision in view of Explanation 5 to section 271(1)(c) could not be applied to presume deeming concealment so as to levy penalty

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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