No Section 271AAA Penalty Where Search Disclosure Was Proper: ITAT Kolkata

Sandip Jhunjhunwala Vs DCIT (ITAT Kolkata) ITAT Kolkata Deletes Penalty u/s 271AAA—No Penalty Where Search Disclosure Is Properly Explained and Tax Paid The Kolkata Bench of the ITAT allowed the appeal of Sandip Jhunjhunwala for AY 2012-13 and deleted the penalty of ₹1.44 crore levied under section 271AAA. The Tribunal held that no penalty is leviable where the assessee satisfies all three conditions prescribed under section 271AAA(2). In the present case, during the course of search under section 132, the assessee had admitted undisclosed income of ₹14.40 crore in his statement under se...