Additional Income cannot be treated as undisclosed merely for admission during search

Deputy Commissioner of Income-tax Vs. Shri Ravi Kumar Khaitan (ITAT Kolkata)

Merely for the reason that the assessee had admitted additional income in the course of search for taxation, it cannot be said that such admitted income was undisclosed income within the meaning of ‘undisclosed income’ provided in Explanation to section 271AAA of the Act to impose the penalty. We concur with the Ld. CIT(A) that when the income disclosed u/s 132(4) in the course of search, itself cannot be treated as undisclosed income within the

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