Section 271AAB Penalty Not Automatic on Voluntary Disclosure Post-Search

ACIT Vs Incredible India Projects Private Limited (ITAT Hyderabad) Penalty u/s 271AAB Upheld on Search-Detected Cash Expenditure Routed Outside P&L: ITAT Hyderabad Dismisses Revenue Appeal Hyderabad Bench of the ITAT dismissed the Revenue’s appeal and upheld deletion of penalty levied u/s 271AAB in the case of Incredible India Projects Pvt. Ltd. for AY 2018-19, following the principle of consistency with assessee’s own case for AY 2017-18. The case arose out of a search u/s 132, during which cash vouchers evidencing substantial cash payments for purchase of land and development exp...