https://www.taxtmi.com/caselaws?id=783254 ITAT Indore allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that "undisclosed income" is exhaustively defined in Explanation (c) to s. 271AAB and requires, under sub-clause (i), money, bullion, jewellery, etc., or entries found during search, or under sub-clause (ii), income represented by an expense entry in books or documents. In this case, the additional income declared in the s. 153A return comprised taxable portions of life insurance maturity proceeds and bank interest, with no incriminating material or expense entries detected in search. Hence, it did not qualify as "undisclosed income" and the AO's reasoning was held untenable. en-us Fri, 28 Nov 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783254 ITAT Indore allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that "undisclosed income" is exhaustively defined in Explanation (c) to s. 271AAB and requires, under sub-clause (i), money, bullion, jewellery, etc., or entries found during search, or under sub-clause (ii), income represented by an expense entry in books or documents. In this case, the additional income declared in the s. 153A return comprised taxable portions of life insurance maturity proceeds and bank interest, with no incriminating material or expense entries detected in search. Hence, it did not qualify as "undisclosed income" and the AO's reasoning was held untenable. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783254