https://www.taxtmi.com/caselaws?id=471334 Penalty for search-related undisclosed income applies only where the income falls within the statutory definition of undisclosed income; a search statement alone is insufficient. Estimated gross profit offered on alleged commission sales reflected in iPhone data was not shown to represent unrecorded income, an undisclosed asset, false expenditure, or other incriminating material covered by that definition. In the absence of corroborative evidence establishing that the estimated profit was actual undisclosed income, penalty was not leviable and was cancelled. en-us Tue, 11 Jul 2023 00:00:00 +0530 Mon, 31 Aug 2026 12:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471334 Penalty for search-related undisclosed income applies only where the income falls within the statutory definition of undisclosed income; a search statement alone is insufficient. Estimated gross profit offered on alleged commission sales reflected in iPhone data was not shown to represent unrecorded income, an undisclosed asset, false expenditure, or other incriminating material covered by that definition. In the absence of corroborative evidence establishing that the estimated profit was actual undisclosed income, penalty was not leviable and was cancelled. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471334