During the course of search/ Survey action some incriminating documents found which indicates assessee has received on money in cash in excess of Rs. 2lakh from flat purchasers. He surrender the same and paid the taxes. Whether penalty U/Sec. 271D can be levied on this on money taxed as undisclosed income.
Whether penalty u/sec. 271D can be levied on undisclosed money surrender by the assessee during search/ Survey under Income tax Act 1961.