2019 (6) TMI 1367 - ITAT DELHI

Penalty u/s 271AAB - no incriminating evidence, papers/documents/stock/cash were found during the search operation other than the statement - addition offered for taxation by the assessee suo moto in order to buy peace of mind - AO treated the assessee’s additional income to the tune of ₹ 31,00,00,000/- to be representing its undisclosed income u/s 271AAB Explanation (c) - HELD THAT:- We find no merit in Revenue’s instant arguments in light of decision of Tribunal’s coordinate bench’s in DCIT vs. M/s. Rashmi Metaliks Ltd. [2019 (2) TMI 1651 - ITAT KOLKATA] pertaining to the very search as well as above stated incriminating documents deleting identified penalty. it was held that income offered by the assessee through its joint declaration was neither represented by any assets found in the course of search nor represented by any entry made in the books of accounts or other documents or transactions found in the course of search and income voluntarily offered by the assessee did not come within the ambit and scope of the expression ‘undisclosed income’ as defined for the purposes of Section 271AAB.

It has come on record that the Revenue seeks to rely upon the same very material as it was used in assessee’s sister concern’s case pertaining to the very search wherein its identical grievance stands declined vide above extracted detailed discussion. We adopt the said reasoning mutatis mutandis in the instant case as well as no distinction on facts and law has been pointed out at the Revenue’s behest. The CIT(A)’s order under challenge deleting the impugned penalty is confirmed accordingly. - This Revenue’s appeal is dismissed.