https://www.taxtmi.com/caselaws?id=448198 Penalty under section 271AAB was held sustainable where undisclosed income was admitted in a search statement and supported by seized material, bringing the case within the statutory conditions for minimum penalty. The defect allegation against the penalty notice was rejected because the assessee participated in the proceedings without timely objection, so section 292BB cured the notice-related challenge. The plea that the disclosure was voluntary or made to buy peace did not avoid liability, and absence of mens rea was treated as irrelevant for this statutory penalty. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 13 Jan 2024 08:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448198 Penalty under section 271AAB was held sustainable where undisclosed income was admitted in a search statement and supported by seized material, bringing the case within the statutory conditions for minimum penalty. The defect allegation against the penalty notice was rejected because the assessee participated in the proceedings without timely objection, so section 292BB cured the notice-related challenge. The plea that the disclosure was voluntary or made to buy peace did not avoid liability, and absence of mens rea was treated as irrelevant for this statutory penalty. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448198