Penalty u/s 271AAA leviable on additional/undisclosed income accepted via statement u/s 132(4)

Mothers Pride Educational Personna Pvt. Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.

Facts- Search operation was carried out u/s 132 of the Income-tax Act, 1961 on 17.8.2011. In pursuance to the disclosure in the search proceedings penalty proceedings u/s 271AAA of the Act was initiated. A show cause not

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