Penalty Quashed for Non-Existent Undisclosed Income under Section 271AAB

Raja Ram Maheshwari Vs DCIT (ITAT Jaipur) The appeal concerns the levy of penalty under Section 271AAB of the Income Tax Act, 1961 for Assessment Year 2014-15 following a search conducted under Section 132. The assessee, engaged in the business of manufacturing gold ornaments and jewellery, belongs to the SNG Group. A search and seizure operation was carried out on the assessee’s business and residential premises on 26.02.2014. Subsequently, the assessee filed his income tax return on 22.11.2014 declaring total income of ₹2,59,39,510, including ₹2,58,56,654 disclosed as undisclosed incom...