Penalty u/s. 271(1)(c)/ 271AAB imposable even on voluntary disclosure of income: ITAT Pune

DCIT Vs Shreehari Associates Pvt Ltd (ITAT Pune) ITAT Pune held that penalty under section 271(1)(c)/ 271AAB of the Income Tax Act imposable even in case of voluntary disclosure or declaration or surrender per se of income. Accordingly, appeal filed by revenue allowed. Facts- The issue in extant bunch of appeals relates to solitary dispute over applicability of penal provisions of section 271(1)(c)/271AAB of the Act, where the income is assessed on the basis of material seized in search & seizure action carried out u/s 132 of the Act and further such addition is buoyed by the declaration o...