Penalty u/s. 271AAA not imposable as undisclosed income admitted in statement recorded u/s 132(4)

ACIT Vs R.J. Corp. Limited (ITAT Delhi) ITAT Delhi held that penalty under section 271AAA not imposable as undisclosed income admitted in the statement recorded u/s 132(4) and specifies the manner in which the income was derived. Facts- The Assessee is a resident corporate entity. A search and seizure operation u/s. 132 of the Act was conducted in case of the Assessee and other group entities on 27.03.2012. In the course of search & seizure operation, in a statement recorded u/s. 132(4) of the Act from a person connected to the group, additional income to the tune of Rs.60.00 crores was of...