Penalty under s.271AAB deleted where no search under s.132; revenue appeal dismissed on factual finding

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....The ITAT dismissed the revenue's appeal and affirmed deletion of penalty under s. 271AAB as levied against the assessee. The tribunal upheld the CIT(A)'s factual finding that no search under s. 132 was conducted in the assessee's case; the impugned section predicates penalty liability on initiation of a search. Although the assessee purportedly disclosed the mode of earning the undisclosed income, he had not paid tax for the specified period, but that procedural deficiency does not engage s. 271AAB absent a search. Revenue failed to rebut the finding of no search; accordingly the penalty under s. 271AAB was not sustainable and the appeal was dismissed.....