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 notice dated 30.03.2014 was issued. In response to the show cause notice the assessee filed its submissions. However, submissi...