Section 271AAB Penalty can be levied only on undisclosed income

Shiv Bhagwan Gupta Vs ACIT (ITAT Patna) For the levy of penalty u/s.271AAB, the case must fall within the four corners of the definition of expression ‘undisclosed income‘ as defined u/s 271AAB itself. The assessee in this case is an individual and has earned income from partnership firm and interest income. The assessee has neither earned any business income nor earned any income exceeding Rs.50 lakhs so as to require mandatory filing of personal assets and liabilities or to maintain books of accounts; even the assessee is not required to otherwise disclose any such income to the ...