https://www.taxtmi.com/highlights?id=79465 Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record specific finding that undisclosed income was found based on verifiable material during search. Mere surrender to cover potential discrepancy doesn't satisfy definition of undisclosed income. Onus is on Assessing Officer, not assessee, to establish conditions for penalty levy are met. CIT(A) rightly held no discrepancy pointed out, hence surrender doesn't qualify as undisclosed income, but erred in confirming penalty. Penalty u/s 271AAA deleted as no legal basis established. en-us Wed, 17 Jul 2024 08:05:57 +0530 Wed, 17 Jul 2024 08:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79465 Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record specific finding that undisclosed income was found based on verifiable material during search. Mere surrender to cover potential discrepancy doesn't satisfy definition of undisclosed income. Onus is on Assessing Officer, not assessee, to establish conditions for penalty levy are met. CIT(A) rightly held no discrepancy pointed out, hence surrender doesn't qualify as undisclosed income, but erred in confirming penalty. Penalty u/s 271AAA deleted as no legal basis established. Highlights Income Tax Wed, 17 Jul 2024 08:05:57 +0530 https://www.taxtmi.com/highlights?id=79465