2015 (8) TMI 477 - SCH - Income Tax

Penalty u/s 271(1)(c) - search under section 132 wherein the assessee made voluntary disclosure under section 132(4) disclosing a sum of ₹ 6 crores even though no incriminating document suggesting any such undisclosed income was found - ITAT deleted penalty levy - HC 2015 (5) TMI 317 - CALCUTTA HIGH COURT held that as it is in that sense a voluntary disclosure which has been clarified by the assessee by stating in answer to question No. 23 that he had not given any statement under pressure and he did not want to rectify or modify the statement made by him. Thus the order of the Tribunal is unsustainable in law and, therefore, is set aside - Held that - No legal and valid ground for interference. The special leave petition is dismissed. - Decided against assessee.