ITA No.2145/Del/2024

Parties Involved

Facts Summary

The case involves an appeal by the Department of Income Tax (DCIT) against the order of the Commissioner of Income Tax (Appeals) (CIT(A)) which deleted the penalty imposed on the assessee, Kapil Jaiswal, under Section 271AAB of the Income-tax Act. The original return was filed by the assessee declaring total income at Rs.6,54,15,120/- for the year under consideration. A search was carried out under section 132 of the Act on 06.01.2021 at the premises of Hans Group including the assessee. Certain additions of Rs.2,27,000/- were made under section 50C of the Act and the total income was assessed at Rs.6,56,42,120/-. The Assessing Officer invoked penalty proceeding under Section 271AAB of the Act and imposed penalty @ 30% on the undisclosed income which was quantified at Rs.96,09,918/-. The CIT(A) found that the ingredients of Section 271AAB of the Act are not fulfilled and deleted the penalty imposed by the Assessing Officer. The Revenue is in appeal before the Tribunal challenging the action of the CIT(A).…

Legal Issues

• 1. Whether the penalty imposed by the Assessing Officer under Section 271AAB of the Act is justified?
• 2. Whether the income declared by the assessee in the return of income falls under the definition of 'undisclosed income'?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

Similar Judgements

• DCIT vs. Kapil Jaiswal

  Delhi bench

• ITA No.1542/Bang/2024

  C'' Bench: Bangalore benchAY 2019-20Dismissed

• Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam

  Visakhapatnam bench

• Shri Umesh Saboo vs. Dy. Commissioner of Income-tax, Central Circle-2, Jaipur

  Jaipur bench

• Smt. Bharti Sharma vs. Dy. CIT and Sh. Pankaj Sharma vs. Dy. CIT

  Delhi Bench benchAY 2021-22Allowed

• G.D. Goenka Pvt. Ltd. vs. ACIT, Central Circle-15

  Delhi Bench benchAY 2016-17, 2017-18 & 2018-19Allowed