https://www.taxtmi.com/caselaws?id=261529 Penalty under section 271AAA was considered in a search-related assessment where the assessee had disclosed the major income during search, furnished working and cash-flow details, included the amount in the return, and paid tax. The Tribunal noted that the seized material and assessment order accepted the disclosed income, while the remaining additions were based on loose papers and a search statement that lacked sufficient particulars to conclusively establish further undisclosed income. On those facts, the balance material was held inadequate to support penalty, and penalty could not be imposed merely on admission without cogent evidence of concealment or failure to satisfy the statutory conditions. en-us Tue, 30 Jun 2015 00:00:00 +0530 Wed, 15 Jul 2015 06:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261529 Penalty under section 271AAA was considered in a search-related assessment where the assessee had disclosed the major income during search, furnished working and cash-flow details, included the amount in the return, and paid tax. The Tribunal noted that the seized material and assessment order accepted the disclosed income, while the remaining additions were based on loose papers and a search statement that lacked sufficient particulars to conclusively establish further undisclosed income. On those facts, the balance material was held inadequate to support penalty, and penalty could not be imposed merely on admission without cogent evidence of concealment or failure to satisfy the statutory conditions. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261529