https://www.taxtmi.com/caselaws?id=799376 Penalty for undisclosed income under section 271AAB requires independent proof that the amount falls within the provision's exhaustive statutory definition. Strict construction applies because the provision is penal, and a surrender or admission in a search statement alone does not establish undisclosed income. Vague diary notings of advances, without details of parties, dates, purpose, terms, corroborative transactions, undisclosed assets, or an identified unaccounted source, represent an application or outflow of funds rather than unrecorded income. Deeming rules for unexplained income cannot be imported into section 271AAB's self-contained definition. en-us Tue, 25 Aug 2026 00:00:00 +0530 Mon, 21 Sep 2026 08:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799376 Penalty for undisclosed income under section 271AAB requires independent proof that the amount falls within the provision's exhaustive statutory definition. Strict construction applies because the provision is penal, and a surrender or admission in a search statement alone does not establish undisclosed income. Vague diary notings of advances, without details of parties, dates, purpose, terms, corroborative transactions, undisclosed assets, or an identified unaccounted source, represent an application or outflow of funds rather than unrecorded income. Deeming rules for unexplained income cannot be imported into section 271AAB's self-contained definition. Case-Laws Income Tax Tue, 25 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799376