No Penalty u/s 271AAA If Assessee Admitted Income during Search & Paid Tax

ACIT Vs. M/s. Sree Shanmugam Modern Rice Mills Pvt. Ltd. (ITAT Bangalore) Admittedly in this case, the assessee had disclosed the concealed income while giving the statement u/s 132(4) of the Act in the course of search. The assessee also duly paid the taxes and interest thereon. The CIT(A) while allowing the appeal of the assessee had held that the money belonged to the group concern and some friends living near the factory, who had entrusted the same to the Managing Director of the assessee- company. Since the Managing Director was unable to explain / prove it, the same was offered to taxati...