https://www.taxtmi.com/caselaws?id=470930 Search-related penalty under section 271AAB displaces section 271(1)(c) only for undisclosed income of a statutorily defined specified previous year. Where a search occurred on 04.02.2016, only assessment year 2016-17 qualified; penalty under section 271(1)(c) for that year was void, while section 271(1)(c) remained potentially applicable to earlier years. For assessment years 2010-11 to 2015-16, additions of deemed annual letting value based on disallowed vacancy allowance could not support penalty where property details and actual rent were fully disclosed. Rejection of a claim, without false, incorrect, or incomplete particulars, does not establish concealment or furnishing inaccurate particulars. Penalties for all years were therefore unsustainable. en-us Thu, 27 Mar 2025 00:00:00 +0530 Fri, 14 Aug 2026 07:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470930 Search-related penalty under section 271AAB displaces section 271(1)(c) only for undisclosed income of a statutorily defined specified previous year. Where a search occurred on 04.02.2016, only assessment year 2016-17 qualified; penalty under section 271(1)(c) for that year was void, while section 271(1)(c) remained potentially applicable to earlier years. For assessment years 2010-11 to 2015-16, additions of deemed annual letting value based on disallowed vacancy allowance could not support penalty where property details and actual rent were fully disclosed. Rejection of a claim, without false, incorrect, or incomplete particulars, does not establish concealment or furnishing inaccurate particulars. Penalties for all years were therefore unsustainable. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470930