No Penalty for non disclosure of Income manner, if same was not asked during statement recorded U/s/ 132(4)

Briefly the facts of the case are that in this case, search & seizure operation was conducted on 11.09.2009 in business and residential premises of Sahni Group of cases. The assessment was completed under section 153B(1)(b) read with Section 143(3) of Income Tax Act at a total income of Rs. 49.46 Cr on 29.12.2011 against the total returned income of Rs.2,55,49,150/-. Penalty under section 271AAA of Rs. 28 lacs was initiated and subsequently levied on surrendered amount of Rs. 2.80 Cr as the assessee failed to substantiate the manner of earning the same. The assessee challenged the levy of ...