https://www.taxtmi.com/caselaws?id=776019 Penalty under section 271AAB was leviable where the assessee surrendered additional income during search, offered it in the return, and failed to substantiate the manner in which the income was derived. On those facts, the case fell within section 271AAB(1)(b), so the Assessing Officer's invocation of the provision was correct and the view that penalty was merely discretionary did not prevail. The deletion of penalty by the first appellate authority was therefore unsustainable, and the levy was upheld in favour of the Revenue. en-us Wed, 30 Jul 2025 00:00:00 +0530 Mon, 04 Aug 2025 08:28:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776019 Penalty under section 271AAB was leviable where the assessee surrendered additional income during search, offered it in the return, and failed to substantiate the manner in which the income was derived. On those facts, the case fell within section 271AAB(1)(b), so the Assessing Officer's invocation of the provision was correct and the view that penalty was merely discretionary did not prevail. The deletion of penalty by the first appellate authority was therefore unsustainable, and the levy was upheld in favour of the Revenue. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776019