https://www.taxtmi.com/caselaws?id=466565 Penalty liability for undisclosed receipts disclosed in returns filed after search was sustained on the basis that post search disclosure does not negate misreporting for penalty purposes; consequence: penalty under the misreporting provision confirmed for the specified assessment years. Conversely, where transactions were recorded in accounting software during the normal course of business before year end and a return filed under the regular procedure was accepted in assessment, the statutory requirement for imposing the separate books maintenance penalty was not met; consequence: that penalty deleted for the later assessment year. en-us Wed, 26 Feb 2025 00:00:00 +0530 Thu, 12 Feb 2026 19:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466565 Penalty liability for undisclosed receipts disclosed in returns filed after search was sustained on the basis that post search disclosure does not negate misreporting for penalty purposes; consequence: penalty under the misreporting provision confirmed for the specified assessment years. Conversely, where transactions were recorded in accounting software during the normal course of business before year end and a return filed under the regular procedure was accepted in assessment, the statutory requirement for imposing the separate books maintenance penalty was not met; consequence: that penalty deleted for the later assessment year. Case-Laws Income Tax Wed, 26 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466565