Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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Penalty under section 271AAB(1A) was examined on whether the addition made under section 69B read with section 115BBE qualified as "undisclosed income" under Explanation clause (c). The statutory definition mandates that such income must be evidenced by money, bullion, jewellery or other valuable article/thing, or by entries/documents/transactions found during the search under section 132; thus, discovery of incriminating material in search is a mandatory precondition. As no incriminating material was found during search to support the addition of Rs. 28 lakhs, the amount did not fall within "undisclosed income," and the penalty could not be sustained; deletion of the penalty was directed and the appeal was allowed. - ITAT
Penalty under section 271AAB(1A) was examined on whether the addition made under section 69B read with section 115BBE qualified as "undisclosed income" under Explanation clause (c). The statutory definition mandates that such income must be evidenced by money, bullion, jewellery or other valuable article/thing, or by entries/documents/transactions found during the search under section 132; thus, discovery of incriminating material in search is a mandatory precondition. As no incriminating material was found during search to support the addition of Rs. 28 lakhs, the amount did not fall within "undisclosed income," and the penalty could not be sustained; deletion of the penalty was directed and the appeal was allowed. - ITAT
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