https://www.taxtmi.com/caselaws?id=755664 ITAT Chandigarh held that penalty under section 271AAA cannot be levied merely because the assessee surrendered additional income during search operations. The tribunal ruled that the AO must establish that undisclosed income falls within the statutory definition based on tangible verifiable material found during search. Despite CIT(A) correctly finding no specific discrepancy was pointed out and the surrender was made only to cover potential discrepancies, CIT(A) erroneously confirmed the penalty. The tribunal emphasized that the onus is on the AO to satisfy conditions before imposing penalty, not on the assessee to prove immunity. The penalty was deleted and the assessee's appeal was allowed. en-us Fri, 28 Jun 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755664 ITAT Chandigarh held that penalty under section 271AAA cannot be levied merely because the assessee surrendered additional income during search operations. The tribunal ruled that the AO must establish that undisclosed income falls within the statutory definition based on tangible verifiable material found during search. Despite CIT(A) correctly finding no specific discrepancy was pointed out and the surrender was made only to cover potential discrepancies, CIT(A) erroneously confirmed the penalty. The tribunal emphasized that the onus is on the AO to satisfy conditions before imposing penalty, not on the assessee to prove immunity. The penalty was deleted and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755664