Penalty u/s 271AAA not justified, if A.O. makes assessment on actual income disclosed u/s 132(4)

DCIT Vs M/s Evergreen Industries (P) Ltd., (ITAT Ahmedabad) Brief fact of case The assessee was engaged in the business of construction of residential flats on contract basis. During the course of search carried out in the business premises of assessee, it disclosed unaccounted income of Rs.25 crore for F.Y. 2007-08 and also offered for tax. On this undisclosed income, A.O. vide penalty order, levied penalty of Rs.2.5 crore u/s 271AAA mainly for the reason of non disclosure of the particulars of income in the statement filed u/s 132(4) by the assessee. Against the order, assessee filed the app...