https://www.taxtmi.com/highlights?id=82950 Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative incriminating material found during the search. It was held that the CIT(A) erred in confirming the penalty u/s 271(1)(c) since the additional income was voluntarily offered. Regarding penalty u/s 271AAB, undisclosed income is defined as income represented by money, bullion, jewellery, or entries in books found during the search but not recorded before the search date. No incriminating material having a nexus with the undisclosed income offered during the search was referred to. Consequently, the Assessing Officer lacked jurisdiction to initiate penalty u/s 271AAB. Following the Para..... en-us Sat, 09 Nov 2024 08:46:40 +0530 Sat, 09 Nov 2024 08:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82950 Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative incriminating material found during the search. It was held that the CIT(A) erred in confirming the penalty u/s 271(1)(c) since the additional income was voluntarily offered. Regarding penalty u/s 271AAB, undisclosed income is defined as income represented by money, bullion, jewellery, or entries in books found during the search but not recorded before the search date. No incriminating material having a nexus with the undisclosed income offered during the search was referred to. Consequently, the Assessing Officer lacked jurisdiction to initiate penalty u/s 271AAB. Following the Para..... Highlights Income Tax Sat, 09 Nov 2024 08:46:40 +0530 https://www.taxtmi.com/highlights?id=82950