No Section 271AAB Penalty if Initiation not based on Undisclosed Income Found during search

Chandra Suresh Kothari Vs DCIT (ITAT Nagpur) The case of Chandra Suresh Kothari Vs DCIT highlights an important issue in tax law: the levy of section 271AAB penalty when no undisclosed income is found during search actions. This landmark ruling from the Income Tax Appellate Tribunal (ITAT) Nagpur provides an insightful legal precedent on the matter, offering a detailed exploration into the complexities of this section of the Income Tax Act. The proceedings revolve around the imposition of penalties under sections 271(1)(c) and 271AAB of the Income Tax Act. The ITAT Nagpur’s order overtur...