Penalty can be levied on unrecorded receipts, expenditure and investments declared by assessee pursuant to search

Brief of the case: In the case of ACIT Vs. Dr. Nitin Laxmikant Lad Pune Bench of ITAT have held that where assessee had furnished original return of income in which he had not declared its receipts from the profession, but pursuant to the search and seizure operation, certain incriminating documents were seized, which contained unrecorded receipts, expenses and investments in various financial years and the assessee in response thereto, declared the additional professional fees and paid taxes, no question of levy of penalty u/s 271 (1) (c) arises. Facts of the case: Search and seizure action ...