https://www.taxtmi.com/caselaws?id=786652 Where search and seizure proceedings uncovered cash and valuables but authorised officers did not elicit or record explanations about the source of those assets during on site questioning, the conditions for applying the higher penalty rate under the penal provision are not satisfied; accordingly the lesser specified penalty rate applies and the assessing authority must compute penalty on that basis. The analysis distinguishes liability based on whether the taxpayer was asked and failed to admit undisclosed income during the search, and treats absence of targeted questioning as determinative against the higher rate. en-us Thu, 29 Jan 2026 00:00:00 +0530 Tue, 17 Feb 2026 07:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786652 Where search and seizure proceedings uncovered cash and valuables but authorised officers did not elicit or record explanations about the source of those assets during on site questioning, the conditions for applying the higher penalty rate under the penal provision are not satisfied; accordingly the lesser specified penalty rate applies and the assessing authority must compute penalty on that basis. The analysis distinguishes liability based on whether the taxpayer was asked and failed to admit undisclosed income during the search, and treats absence of targeted questioning as determinative against the higher rate. Case-Laws Income Tax Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786652