Penalty u/s 271(1)(c) leviable on additional income disclosed out of seized material

Rahul Shamrao Mahajan Vs ACIT (ITAT Pune) ITAT Pune held that penalty u/s 271(1)(c) of the Income Tax Act duly leviable in case the additional income is disclosed in ITR filed u/s 153A and such additional income is originated out of seized material. Facts- The appellant for AY 2014-15 has set-up case alleging that the penalty u/s 271(1)(c) of the Income Tax Act is not attracted for the income voluntarily disclosed by him u/s 153A of the Act and which was accepted by the department without any variation. Conclusion- Admittedly the additional income so disclosed in the ITR filed u/s 153A was sol...