Assessee in statement admits undisclosed income and specifies manner in which such income derived. Accordingly amount disclosed cannot be assessed as undisclosed income and levy of penalty is not justified. (AY.2009-10 to 2014-15)
Harshvardhan v. Dy. CIT (2020) 77 ITR 81 (SN)/ 195 DTR 145/ 206 TTJ 894 (Bang.)(Trib.)
S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-In statement admits undisclosed income and specifies manner in which such income derived-No undisclosed income-Penalty not leviable. [S. 132(4)]