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- If any disclosure was made, then it will not bind the assessee but it is just corroborative information against the assessee. The ld. CIT(D.R.)...