https://www.taxtmi.com/caselaws?id=460732 Penalty under section 271AAB requires a nexus between the alleged undisclosed income and money, bullion, jewellery, valuable articles, entries, documents or transactions found during search under section 132. A mere voluntary surrender, without corresponding incriminating search material, cannot be treated as undisclosed income beyond the extent supported by the search record. On the facts, the search revealed excess jewellery and cash, so the penalty was confined to that traced income. The challenge to the show-cause notice also failed because the notice and assessment order identified section 271AAB and the amount proposed, giving adequate opportunity to contest, and the omission to specify a particular clause caused no fatal prejudice. en-us Wed, 13 Jul 2022 00:00:00 +0530 Wed, 12 Feb 2025 12:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460732 Penalty under section 271AAB requires a nexus between the alleged undisclosed income and money, bullion, jewellery, valuable articles, entries, documents or transactions found during search under section 132. A mere voluntary surrender, without corresponding incriminating search material, cannot be treated as undisclosed income beyond the extent supported by the search record. On the facts, the search revealed excess jewellery and cash, so the penalty was confined to that traced income. The challenge to the show-cause notice also failed because the notice and assessment order identified section 271AAB and the amount proposed, giving adequate opportunity to contest, and the omission to specify a particular clause caused no fatal prejudice. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460732