If assessee admits undisclosed income, substantiate manner & paid taxes on undisclosed income no penalty u/s 271AAA can be levied

Issue before tribunal:

Both assessee and revenue are in appeal against the action of deletion of penalty u/s 271AAA. CIT (A) has deleted part of penalty levied but another part of the penalty was retained by him. Assessee is in appeal against the retention order and revenue is against the deletion of penalty.

Brief facts:

• A search and seizure operation u/s 132 of the Act was conducted on the business and residential premises of SPS Group of cases on 14-02- 2008. During the course of search, one of the Director of SPS Steel & Power Ltd, disclosed an income of Rs.6.84 crores.

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