Section 271AAB Penalty Set Aside for Failure to Establish Undisclosed Income

Anuj Mathur Vs DCIT (ITAT Jaipur) The assessee appealed against the order of the CIT(A)-4, Jaipur dated 17 November 2017, confirming a penalty of ₹70,10,000 under Section 271AAB for Assessment Year 2015-16. The assessee, an individual earning income from salary, house property, and other sources, was subjected to a search under Section 132 on 30 October 2014, during which he surrendered income of ₹7,01,00,000. In his return filed on 30 September 2015, he declared total income of ₹7,88,48,920 including the surrendered amount, which the Assessing Officer accepted under Section 143(3) read ...