Dismissing the appeal of the revenue the Tribunal held that , When no specific query to substantiate the manner of earning undisclosed income was put forward to the assessee by the authorised officer levy of penalty was held to be not valid when the taxes were paid on the amount surrendered ( AY.2010-11 ) ( ITA No 4807/4808 /Del/ 2015 dt. 28 -02 2018)
ACIT v. Beena Kedia ( Delhi) (Trib)
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 –When no specific query to substantiate the manner of earning undisclosed income was put forward to the assessee by the authorised officer levy of penalty was held to be not valid when the taxes were paid on the amount surrendered [ S.132(4) ]