Penalty u/s 271(1)(c) Deleted by ITAT Kolkata for Forced & Retracted Disclosure

Sunil Kumar Agarwal Vs ACIT (ITAT Kolkata) ITAT Kolkata: Retraction Accepted – No Incriminating Material, Penalty u/s 271(1)(c) Deleted- Forced Disclosure Without Evidence Can’t Sustain Penalty – ITAT Kolkata Kolkata Tribunal deleted penalty levied u/s 271(1)(c), holding that Explanation 5A was wrongly invoked when no incriminating material was found during search and disclosure stood retracted. A search u/s 132 was conducted on 05.02.2021 against Healthcare/ESKAG group. Assessee, being a key person, was covered. He originally filed ROI for AY 2015-16 declaring income of ₹21.03 lakh. P...