Section 271AAA Penalty cannot be levied on Amount surrendered but not treated as undisclosed income

Rajendra Aggarwal Vs DCIT (ITAT Delhi) It is pertinent to note that the Assessing Officer completed the assessment by accepting the return of income filed by the assessee which included surrendered amount of Rs. 51,64,100/-. In fact in the Assessment Order, the Assessing Officer added another sum of Rs. 14,00,000/- as unexplained cash found at the time of search which in the second round after the Tribunal’s order was deleted by the Assessing Officer whereby accepting this cash belonged to the other entities. This aspect is not denied by the revenue. The initiation of penalty u/s 271AAA in t...