https://www.taxtmi.com/caselaws?id=460210 The ITAT Indore held that penalty under Section 271AAB was not imposable where the assessee surrendered additional income during search proceedings. The tribunal found that mere surrender by the assessee does not constitute incriminating material. The AO acknowledged no incriminating material was found in seized documents. Since penalty under Section 271AAB requires undisclosed income in the form of money, valuables, false book entries, or transactions found during search, and none existed here, the penalty was deleted. The assessees' appeals were allowed. en-us Thu, 21 Mar 2024 00:00:00 +0530 Wed, 15 Jan 2025 12:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460210 The ITAT Indore held that penalty under Section 271AAB was not imposable where the assessee surrendered additional income during search proceedings. The tribunal found that mere surrender by the assessee does not constitute incriminating material. The AO acknowledged no incriminating material was found in seized documents. Since penalty under Section 271AAB requires undisclosed income in the form of money, valuables, false book entries, or transactions found during search, and none existed here, the penalty was deleted. The assessees' appeals were allowed. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460210