ITAT upheld Penalty u/s 271AAB(1) on Undisclosed Investment

Pawan Mundra Vs DCIT (ITAT Jaipur) The issue under consideration whether AO is justified levying penalty under section 271AAB on failure to offer explanation about the source of the undisclosed investment in land? ITAT states that during course of post search proceedings, assessee admitted an income of Rs. 6,00,000 on account of undisclosed investment in land. Out of admitted undisclosed income of Rs. 6,00,000, the income of Rs. 5,20,000 had been admitted and declared in revised return filed by the assessee. Accordingly, the assessee was asked to furnish justification for not offering balance ...