Search Surrender Doesn’t Mean Maximum Penalty: ITAT Cuts Section 271AAB Levy from 90% to 30%

Advertisement Jasraj Changalal Jain Vs DCIT (ITAT Mumbai) Search Surrender Doesn’t Mean Maximum Penalty: ITAT Cuts Section 271AAB Levy from 90% to 30% The Mumbai ITAT granted substantial relief to an assessee by reducing penalty under Section 271AAB from a harsh 90% to 30%, holding that the AO cannot mechanically impose the maximum penalty without recording extraordinary reasons. During a search under Section 132, cash of over ₹33 lakh was found from the assessee’s premises. In his statement recorded under Section 132(4), the assessee admitted that the cash belonged to him and accepte...