No Penalty U/s. 271AAA if Assessee substantiated the manner in which undisclosed income was derived

Mahavir Prasad Jaipuria Vs Assist. CIT (ITAT Delhi) The facts of the case reveal that the amount was found during the course of search which the assessee claimed to be his wife’s savings/pin money. This amount was not surrendered at the time of search but was surrendered subsequently during the course of assessment proceedings by assessee surrendering the same in his own hands in the computation of income. Therefore, as per the specific provisions of section 271AAA, this amount does not specifically fall under the definition of undisclosed income found during the course of search. It is ...