Penalty U/s. 271AAA not leviable if Assessee Discloses manner of earning income

Ashok Kumar Arora Vs ACIT (ITAT Delhi)

The learned Departmental Representative has pointed out that the manner of earning of the surrendered income has not been disclosed by the assessee income has not been disclosed by the assessee whereas the assessee by letter dated 21-1-2010 has disclosed the manner of earning the said income by way of trading in commodities and real estate and also stated this fact is substantiated from the seized material. Moreover this factual position is not denied by the assessing officer and this is not the basis for imposing the penalty. I

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