Penalty u/s. 271AAB cannot be levied based on disclosure of other person

ACIT Vs Arjun Lal Agarwal (ITAT Kolkata)

ITAT Kolkata held that penalty u/s 271AAB of the Income Tax Act cannot be levied on the assessee based on the disclosure made by other person during the course of search proceedings.

Facts-

Present appeal is preferred by the revenue against order of ld. Commissioner of Income Tax (Appeals) wherein the penalty imposed upon the respondent-assessee under section 271AAB of the Income Tax Act was deleted.

Conclusion-

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