Section 271AAB Penalty not Applicable if no Search Conducted on Assesse

DCIT Vs Narendra Gopal Singhal (ITAT Kolkata) No Search, No Penalty – Admission in Statement u/s 131 Can’t Trigger 271AAB Penalty- ITAT Kolkata; Section 271AAB Applicable Only Where Search Conducted on Assesse- ITAT Kolkata Deletes Penalty u/s 271AAB – No Search Conducted on Assessee Search operations were conducted on 04.04.2019 in the case of Kishan Kumar Kalyani & Kalu Magha Ram where cash of ₹2.51 crore was seized. In his statement, Kalyani disclosed that ₹1.99 crore belonged to the assessee. Another search on 27.05.2019 in the case of Bivas Kedia led to seizure of ₹1 cror...