Search-based unexplained investment addition under s69B: no incriminating material, so s271AAB(1A) 'undisclosed income' penalty deleted

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....Penalty under section 271AAB(1A) was examined on whether the addition made under section 69B read with section 115BBE qualified as "undisclosed income" under Explanation clause (c). The statutory definition mandates that such income must be evidenced by money, bullion, jewellery or other valuable article/thing, or by entries/documents/transactions found during the search under section 132; thus, discovery of incriminating material in search is a mandatory precondition. As no incriminating material was found during search to support the addition of Rs. 28 lakhs, the amount did not fall within "undisclosed income," and the penalty could not be sustained; deletion of the penalty was directed and the appeal was allowed. - ITAT....