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2013 (8) TMI 624 - AT - Income TaxPenalty u/s 271AAA - Penalty where search has been initiated - Held that:- assessee was asked to explain the entries in the 'work-in-progress sheet' and assessee in the course of statement offered the income with a plea not to initiate penalty proceedings. The assessee was not asked about the manner in which such income was earned and also to substantiate the manner in which undisclosed income was derived - Following decision of CIT vs. Radha Kishan Goel [2005 (4) TMI 47 - ALLAHABAD High Court] and CIT vs. Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] - No Penalty - Decided against Revenue.
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