Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative incriminating material found during the search. It was held that the CIT(A) erred in confirming the penalty u/s 271(1)(c) since the additional income was voluntarily offered. Regarding penalty u/s 271AAB, undisclosed income is defined as income represented by money, bullion, jewellery, or entries in books found during the search but not recorded before the search date. No incriminating material having a nexus with the undisclosed income offered during the search was referred to. Consequently, the Assessing Officer lacked jurisdiction to initiate penalty u/s 271AAB. Following the Para..... .....

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