Unexplained Cash During Search Part of Surrendered Income, But Penalty Deleted for Lack of Proper Notice.

The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision that unexplained cash found during a search was part of the income surrendered by the assessee under section 132(4), based on recorded statements. The ITAT deleted the penalty under section 271AAB(1)(a) on technical grounds, as the penalty notice failed to specify clear charges against the assessee for not fulfilling conditions or disclosing the income source, thereby violating principles of natural justice. .....

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