Section 271AAB penalty cannot be levied if no search U/s. 132

Ashok B Sureban Vs ACIT (ITAT Bangalore)

AO levied penalty u/s. 271AAB of the Act on account of undisclosed income declared by the assessee during the post-survey proceedings on 6.8.2015. Against this, the assessee went in appeal before the CIT(Appeals). The CIT(Appeals) confirmed the levy of the penalty u/s. 271AAB of the Act. Aggrieved, the assessee is in appeal before  ITAT.

At the outset the ld.AR argued reiterating the grounds of appeal that revenue authorities are not justified in i

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