Voluntary Search Disclosure Alone Can’t Attract 271AAB Penalty: ITAT Hyderabad

Srinivas Chowdary Vallabhaneni Vs DCIT (ITAT Hyderabad) Peace-Making Disclosure Can’t Trigger Search Penalty: Search Admission Alone Not Enough—No Incriminating Material, No 271AAB Penalty The Hyderabad ‘A’ Bench of the ITAT, in Srinivas Chowdary Vallabhaneni vs DCIT (ITA No. 1461/Hyd/2025, AY 2019-20), deleted the penalty u/s 271AAB(1A) levied on ₹28 lakh offered by the Assessee during the course of search. A search u/s 132 was conducted on 05.10.2018, pursuant to which the Assessee filed return admitting total income of ₹98.03 lakh, including ₹35 lakh offered during search. The...