https://www.taxtmi.com/caselaws?id=459452 ITAT JAIPUR - AT held that penalty under s.271AAB could not be sustained where surrendered income arose from share transactions duly recorded in books and supported by documents found during search. The tribunal found the documents non-incriminating and the s.132(4) statement did not convert disclosed entries into "undisclosed income" as defined in the Explanation to s.271AAB, which requires entries found in documents not recorded in books. Accordingly, the penalty imposed by the AO and upheld by the ld. CIT(A) was deleted and the appeal was allowed in favour of the assessee. en-us Fri, 22 Mar 2019 00:00:00 +0530 Mon, 18 Aug 2025 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459452 ITAT JAIPUR - AT held that penalty under s.271AAB could not be sustained where surrendered income arose from share transactions duly recorded in books and supported by documents found during search. The tribunal found the documents non-incriminating and the s.132(4) statement did not convert disclosed entries into "undisclosed income" as defined in the Explanation to s.271AAB, which requires entries found in documents not recorded in books. Accordingly, the penalty imposed by the AO and upheld by the ld. CIT(A) was deleted and the appeal was allowed in favour of the assessee. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459452