Disclosure During Search Not Enough to Invoke Section 271AAB, Penalty Set Aside

Rajeswara Rao Anne Vs DCIT (ITAT Hyderabad) Voluntary Disclosure ≠ “Undisclosed Income”: 271AAB Penalty Deleted on ₹24 Lakh The Hyderabad ‘A’ Bench of the ITAT, in Rajeswara Rao Anne vs DCIT (ITA No. 1438/Hyd/2025, AY 2019-20), deleted the penalty levied u/s 271AAB(1A) on ₹24 lakh which was offered by the Assessee during the course of search. A search u/s 132 conducted on 05.10.2018 resulted in discovery of excess gold jewellery, following which the Assessee admitted ₹24 lakh in statement u/s 132(4) and included the same in the return of income filed u/s 139(1). The AO taxed th...