[aaykarbhavan] No penalty on declaration of income during search without an independent enquiry by AO to prove concealed income

 

No penalty on declaration of income during search without an independent enquiry by AO to prove concealed income

June 6, 2014[2014] 45 taxmann.com 209 (Jharkhand)

IT : In absence of concrete material on record indicating that assessee had concealed particulars of income, Assessing Officer could not pass penalty order merely on basis of declaration of undisclosed income by a partner of assessee-firm in course of search proceedings

Regards

Prarthana Jalan

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

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