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ITAT cancelled penalty under s271AAB as taxpayer's disclosure of Rs. 50 lakhs during search proceedings was voluntary and not connected to search findings. While valuables were found in locker 932A, no disclosure was made during locker search statement. Revenue's argument that disclosure occurred only due to search was rejected since Assessing Officer failed to correlate seized documents with the disclosed amount. The voluntary nature of disclosure, unconnected to search materials or discovered assets, meant it could not be classified as undisclosed income warranting penalty. ITAT held penalty was not sustainable as fundamental requirement of connecting disclosed income to search findings was not established.
ITAT cancelled penalty under s271AAB as taxpayer's disclosure of Rs. 50 lakhs during search proceedings was voluntary and not connected to search findings. While valuables were found in locker 932A, no disclosure was made during locker search statement. Revenue's argument that disclosure occurred only due to search was rejected since Assessing Officer failed to correlate seized documents with the disclosed amount. The voluntary nature of disclosure, unconnected to search materials or discovered assets, meant it could not be classified as undisclosed income warranting penalty. ITAT held penalty was not sustainable as fundamental requirement of connecting disclosed income to search findings was not established.
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TaxTMI 
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