Penalty Deleted as Loose Sheet Found to Be Mere Projection, Not Undisclosed Income

ACIT Vs Marvel Associates Visakhapatnam (ITAT Visakhapatnam) The appeal filed by the revenue concerns the order of the CIT(A)-3, Visakhapatnam, relating to Assessment Year 2013-14 and the levy of penalty under section 271AAB of the Income Tax Act. A search under section 132 was conducted on 20 December 2012, during which the assessee admitted additional income of ₹4.80 crores as additional sales for financial year 2012-13 onwards. For the relevant assessment year, the additional income admitted was ₹1,48,84,142. The assessee filed the return accordingly, and assessment was completed with a...