Dismissing the appeal of the revenue the Tribunal held that; since the assessee was not engaged in business or profession, he did not require to maintain books of account as per S 44AA or S 44AA(2). Accordingly, the Tribunal held that since the impugned income was entered in ‘other documents’ maintained by assessee in normal course, which were retrieved during search, amount offered by assessee was beyond the scope of ‘undisclosed income’ defined in S. 271AAB. Accordingly the penalty was deleted. (AY. 2013-14)
Dy.CIT v. Manish Agarwala (2018) 167 DTR 369 / 194 TTJ 346 (Kol.)(Trib.)
S. 271AAB : Penalty where search has been initiated–Assessee recorded profits from sale of commodities in ‘other documents’ maintained in normal course, which were retrieved during search, penalty could not be levied.[S. 44AA(2), 132]