https://www.taxtmi.com/caselaws?id=761369 ITAT Kolkata ruled in favor of the assessee, deleting penalties under both sections 271(1)(c) and 271AAB. The tribunal held that penalty under section 271(1)(c) was improperly levied on voluntarily offered additional income without reference to corroborative incriminating material found during search. Similarly, penalty under section 271AAB was deleted as no incriminating material with nexus to undisclosed income was established, making voluntarily surrendered income insufficient to constitute "undisclosed income" as defined under the Act. en-us Wed, 28 Aug 2024 00:00:00 +0530 Sat, 09 Nov 2024 08:46:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761369 ITAT Kolkata ruled in favor of the assessee, deleting penalties under both sections 271(1)(c) and 271AAB. The tribunal held that penalty under section 271(1)(c) was improperly levied on voluntarily offered additional income without reference to corroborative incriminating material found during search. Similarly, penalty under section 271AAB was deleted as no incriminating material with nexus to undisclosed income was established, making voluntarily surrendered income insufficient to constitute "undisclosed income" as defined under the Act. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761369