2018 (11) TMI 1820 - ITAT RANCHI - Income Tax

Head Note / Extract:
Levy of penalty u/s. 271AAB - as during the search operation carried out under section 132 assessee admitted undisclosed income and in the year under consideration declared income which was accepted in the assessment - HELD THAT:- It is not in dispute that the assessee admitted additional income of ₹ 4.75.000/- suotomo to buy peace of mind - neither the Investigation Wing in the post search nor during the course of assessment proceedings, the Assessing Officer found any incriminating evidence of undisclosed income otherwise the submission of the assessee for making the addition of ₹4,75,000/- . Therefore, the decision in the case of Sri Kanwar Sain Gupta [2018 (6) TMI 1559 - ITAT KOLKATA] squarely applies to the facts of the present case. Hence we delete the addition. - Decided in favour of assessee.