https://www.taxtmi.com/highlights?id=96951 Penalty under section 271AAB was contested on the ground that the search team failed to examine or ascertain the source of cash and jewellery and did not inform searched persons of the disclosure obligation under section 132(4); the failure of authorised officers to question and elicit disclosures was held determinative of the penalty rate, leading to the conclusion that the lesser statutory penalty rate should apply. The assessing officer was directed to recompute the penalty at the lower rate and the assessee's appeal was allowed. en-us Tue, 17 Feb 2026 10:09:37 +0530 Tue, 17 Feb 2026 10:09:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96951 Penalty under section 271AAB was contested on the ground that the search team failed to examine or ascertain the source of cash and jewellery and did not inform searched persons of the disclosure obligation under section 132(4); the failure of authorised officers to question and elicit disclosures was held determinative of the penalty rate, leading to the conclusion that the lesser statutory penalty rate should apply. The assessing officer was directed to recompute the penalty at the lower rate and the assessee's appeal was allowed. Highlights Income Tax Tue, 17 Feb 2026 10:09:37 +0530 https://www.taxtmi.com/highlights?id=96951