https://www.taxtmi.com/caselaws?id=779282 ITAT DELHI (AT) allowed the appeal and deleted the penalty under section 271AAB(1A) levied at 30% of undisclosed income. The tribunal held that a search statement alone cannot sustain a penalty where the statutory explanation requires specific seized material; applying a stricter interpretation, the impugned penalty was found unsustainable in law and therefore set aside. en-us Mon, 20 Jan 2025 00:00:00 +0530 Fri, 03 Oct 2025 08:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779282 ITAT DELHI (AT) allowed the appeal and deleted the penalty under section 271AAB(1A) levied at 30% of undisclosed income. The tribunal held that a search statement alone cannot sustain a penalty where the statutory explanation requires specific seized material; applying a stricter interpretation, the impugned penalty was found unsustainable in law and therefore set aside. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779282