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ITAT allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that the statutory definition of "undisclosed income" in Explanation (c) is exhaustive and must be strictly applied. In the absence of any money, bullion, jewellery, valuable article, document, transaction or expense entry discovered in search as contemplated in sub-clauses (i) and (ii), the additional income declared in the return u/s 153A, being taxable maturity proceeds of life insurance and bank interest, did not constitute "undisclosed income". The AO's reasoning that non-disclosure in the original return and hypothetical non-disclosure but for search justified penalty was rejected as legally unsustainable.
ITAT allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that the statutory definition of "undisclosed income" in Explanation (c) is exhaustive and must be strictly applied. In the absence of any money, bullion, jewellery, valuable article, document, transaction or expense entry discovered in search as contemplated in sub-clauses (i) and (ii), the additional income declared in the return u/s 153A, being taxable maturity proceeds of life insurance and bank interest, did not constitute "undisclosed income". The AO's reasoning that non-disclosure in the original return and hypothetical non-disclosure but for search justified penalty was rejected as legally unsustainable.
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