Penalty u/s. 271AAA(1) for undisclosed income admitted during search set aside as tax paid with interest

K. Krishnamurthy Vs DCIT (Supreme Court of India) Supreme Court held that no penalty under section 271AAA(1) of the Income Tax Act when undisclosed income during course of search is admitted and paid tax with interest. Accordingly, penalty u/s. 271AAA(1) set aside. Facts- A search and seizure operation was carried out at the Appellant’s premises on 25th November, 2010 u/s. 132 of the Act 1961. The Appellant disclosed an income of Rs.2,27,65,580/- as a consequence of the search and seizure. On 30th September, 2013, an order imposing penalty u/s. 271AAA of the Act 1961 was passed against the A...