https://www.taxtmi.com/caselaws?id=350799 The Tribunal allowed the Revenue's appeal, upholding the penalty of Rs. 30 lakhs imposed under Section 271AAB of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the conditions for penalty were met, emphasizing that the absence of entries in the regular books of accounts did not excuse the undisclosed income. The Tribunal held that the penalty under Section 271AAB was mandatory and not subject to immunity for reasonable cause, ultimately ruling in favor of the Revenue and against the assessee. en-us Fri, 10 Nov 2017 00:00:00 +0530 Thu, 28 Oct 2021 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350799 The Tribunal allowed the Revenue's appeal, upholding the penalty of Rs. 30 lakhs imposed under Section 271AAB of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the conditions for penalty were met, emphasizing that the absence of entries in the regular books of accounts did not excuse the undisclosed income. The Tribunal held that the penalty under Section 271AAB was mandatory and not subject to immunity for reasonable cause, ultimately ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350799