No Penalty on Additional surrendered Income if no specific query was raised by search party

DCIT Vs Pradeep Aggarwal (ITAT Delhi)

Since the assessee in the instant case has surrendered additional income and paid the taxes due thereon and no specific query was raised by the search party at the time of search to substantiate the manner of earning such income, therefore, following the decision of the Hon’ble Gujarat High Court cited (supra) and various other decisions relied on by the ld. CIT(A), we are of the considered opinion that the penalty u/s 271AAA is not leviable in the instant case.

FULL TEXT OF THE ITAT JUDGMENT

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