Rajasthan High Court - Jaipur
Pr. Commissioner Of Income Tax-Central vs Shri Vijay Jain on 29 June, 2020
Bench: Chief Justice, Prakash Gupta
HIGH COURT OF JUDICATURE FOR RAJASTHAN
BENCH AT JAIPUR
D.B. Income Tax Appeal No. 25/2020
Pr. Commissioner Of Income Tax-Central
----Appellant
Versus
Shri Vijay Jain
----Respondent
For Appellant(s) : Mr. Siddharth Bapna on behalf of Mr. Anil Mehta For Respondent(s) :
HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE PRAKASH GUPTA Order 29/06/2020 The appeal is admitted on the following substantial questions of law:
"(i) Whether, on the facts and in the circumstances of the case in law the Learned ITAT, is justified in deleting the penalty of Rs.60,28,500/- imposed under Section-
271AAB of the IT Act, 1961 ignoring the definition of 'undisclosed income' laid down in explanation to Section-271AAB of the Income Tax Act, 1961.
(ii) Whether on the facts and in the circumstances of the case and in law the Learned ITAT, is justified in deleting the penalty of Rs.60,28,500/- imposed under Section-271AAB of the IT Act, 1961 ignoring the fact that assessee himself declared and surrendered undisclosed income of Rs.6,02,85,000/- during the course of search in his statement recorded U/s-132 (4) of the IT Act and the same was furnished in ROI for the Assessment Year 2014-15 as surrendered during search action in his computation.
(iii) Whether on the facts and in the circumstances of the case and in law the learned ITAT is justified in deleting the penalty of Rs.60,28,500/- imposed under Section-271AAB of the IT Act, 1961 ignoring the fact that penalty under Section-271-AAB of the IT Act is mandatory and is imposed at the varying rate of 10%, (Downloaded on 30/06/2020 at 08:37:39 PM) (2 of 2) [ITA-25/2020] 20% and 30% depending on the fulfillment of certain condition as mention in the IT Act, 1961."
Issue notice to the respondent, returnable by six weeks.
List on 10.08.2020.
(PRAKASH GUPTA),J (INDRAJIT MAHANTY),CJ JKP/PKM-15 (Downloaded on 30/06/2020 at 08:37:39 PM) Powered by TCPDF (www.tcpdf.org)