Held that where assessee had neither made any surrender of any undisclosed income during search, nor penalty had been initiated on basis of undisclosed income found during such search, impugned order of Assessing Officer imposing penalty on assessee under section 271AAB did not pass mandate of provisions of section 271AAB, therefore, same being bad in law was to be quashed. (AY. 2014-15, 2015-16)
Chandra Suresh Kothari v. DCIT (2022) 193 ITD 547 (Nagpur) (Trib.)
S. 271AAB : Penalty-Search initiated on or after 1st day of July 2012-Surrender of income-Neither surrendered income nor penalty was initiated on the basis of undisclosed income found during search-Levy of penalty is not valid. [S. 132]