Penalty u/s 271AAA without addition to returned income unjustified

Advertisement Pr. CIT Vs Bhavi Chand Jindal (Delhi High Court) Conclusion: Penalty under section 271AAA could not be imposed on assessee on the ground that assessee failed to substantiate the manner in which undisclosed income was derived in case assessee had included the same in his return of income and accepted by AO without making any addition to the returned income. Held: Assessee-individual  was confronted on the documents found and seized from his residence premises, from factory premises of M/s J Ltd. These documents contained details of cash payments made to various parties for acq...