Mere surrender of income would not absolve the assessee from the levy of penalty until and unless the mandatory provisions of Section 271AAA(2) has not been complied.
Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section 144C
Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT.
Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA
Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra
Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC.
If the assessee has not disclosed details of a foreign bank account & does not provide other details on requested by AO, the Department is justified in making the Estimate: Delhi HC
ITAT Mumbai case on ‘penny stocks’ where there is no evidence of wrongdoing by assessee and all relevant documents are produced:
