No Section 271AAB Penalty on Income voluntarily admitted during Search

Ajanta Pharma Limited Vs The DCIT (ITAT Mumbai) The issue under consideration is whether the penalty levied u/s 271AAB of the Act is justified on Income voluntarily admitted during Search by Appellant? The assessee is engaged in the business of manufacturing, marketing and export of pharmaceutical products and is assessed to tax regularly. A search action u/s 132 of the Act was carried out at the Offices, Factories, and R&D Centre of the assessee. During the course to search action, the assessee declared unaccounted additional income under section 132(4) of the Act on the following issues....