https://www.taxtmi.com/caselaws?id=766370 Penalty under section 271AAB was held inapplicable because the disclosed amount did not satisfy the statutory character of "undisclosed income" arising from search material or related entries. The notice was not invalid merely because it did not specify the exact limb of the penalty provision, but the revenue failed to link the disclosure to any incriminating material, seized money, bullion, jewellery, valuable article, or relevant entry found during search. The assessee's disclosure was treated as voluntary and uncorrelated with seized material, so the penalty could not be sustained. en-us Thu, 20 Feb 2025 00:00:00 +0530 Mon, 24 Feb 2025 08:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766370 Penalty under section 271AAB was held inapplicable because the disclosed amount did not satisfy the statutory character of "undisclosed income" arising from search material or related entries. The notice was not invalid merely because it did not specify the exact limb of the penalty provision, but the revenue failed to link the disclosure to any incriminating material, seized money, bullion, jewellery, valuable article, or relevant entry found during search. The assessee's disclosure was treated as voluntary and uncorrelated with seized material, so the penalty could not be sustained. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766370