Sriyans Kumar Jain HUF vs. PCIT (Central)

Parties Involved

Facts Summary

Sriyans Kumar Jain HUF, engaged in trading of gold and silver ornaments/articles and money lending business, surrendered additional income of Rs. 33,86,608/- during a survey conducted on 07.03.2019. The assessee filed a return for Assessment Year 2019-20 on 23.11.2019 showing total income of Rs. 46,73,000/- including the surrendered income. The case was selected for scrutiny assessment. The Assessing Officer (AO) accepted the returned income but taxed the surrendered income at a higher rate under section 115BBE. The Principal Commissioner of Income-Tax (Central) (PCIT) passed a revision order on 14.03.2024, setting aside the AO’s order, holding it erroneous and prejudicial to the interest of revenue for not initiating penalty proceedings under section 271AAC(1). The assessee filed an appeal against this revision order.…

Legal Issues

• 1. Whether the AO's order is erroneous for not initiating penalty proceedings under section 271AAC(1)?

Judgment Outcome

Decided in favour of Assessee.

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