https://www.taxtmi.com/highlights?id=94979 ITAT allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that the statutory definition of "undisclosed income" in Explanation (c) is exhaustive and must be strictly applied. In the absence of any money, bullion, jewellery, valuable article, document, transaction or expense entry discovered in search as contemplated in sub-clauses (i) and (ii), the additional income declared in the return u/s 153A, being taxable maturity proceeds of life insurance and bank interest, did not constitute "undisclosed income". The AO's reasoning that non-disclosure in the original return and hypothetical non-disclosure but for search justified penalty was rejected as legally unsustainable. en-us Fri, 12 Dec 2025 08:55:17 +0530 Fri, 12 Dec 2025 08:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94979 ITAT allowed the assessee's appeal and deleted the penalty levied u/s 271AAB. It held that the statutory definition of "undisclosed income" in Explanation (c) is exhaustive and must be strictly applied. In the absence of any money, bullion, jewellery, valuable article, document, transaction or expense entry discovered in search as contemplated in sub-clauses (i) and (ii), the additional income declared in the return u/s 153A, being taxable maturity proceeds of life insurance and bank interest, did not constitute "undisclosed income". The AO's reasoning that non-disclosure in the original return and hypothetical non-disclosure but for search justified penalty was rejected as legally unsustainable. Highlights Income Tax Fri, 12 Dec 2025 08:55:17 +0530 https://www.taxtmi.com/highlights?id=94979