https://www.taxtmi.com/caselaws?id=785274 Penalty under section 271AAC is attracted where income is held to fall within the ambit of section 69B; the assessee failed to establish applicability of the exclusionary clause in section 271AAC(2) or produce credible evidence or reasonable cause to negate penalty, and disclosure during search does not itself preclude levy once income is judicially determined to be unexplained. The statutory penalty was therefore found justified and sustained by the tribunal, resulting in dismissal of the appeal against the levy. en-us Wed, 26 Nov 2025 00:00:00 +0530 Wed, 21 Jan 2026 08:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785274 Penalty under section 271AAC is attracted where income is held to fall within the ambit of section 69B; the assessee failed to establish applicability of the exclusionary clause in section 271AAC(2) or produce credible evidence or reasonable cause to negate penalty, and disclosure during search does not itself preclude levy once income is judicially determined to be unexplained. The statutory penalty was therefore found justified and sustained by the tribunal, resulting in dismissal of the appeal against the levy. Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785274