Penalty u/s 271AAB not leviable on income surrendered during search

Paras Mal Jain Vs DCIT (ITAT Jaipur) ITAT Jaipur held that income surrendered during the course of search cannot be said to qualify as an undisclosed income in the context of section 271AAB read with the explanation thereto and hence penalty u/s 271AAB of Income Tax Act not leviable. Facts- The assessee is engaged in business manufacturing, trading, and export of precious & semi-precious stones from the last several years. A search u/s. 132 of the Act took place at the residence and business premises of the assessee. In the course of the search, the assessee surrendered an income of Rs.25,...