https://www.taxtmi.com/caselaws?id=356511 The tribunal upheld the decision to delete the penalty imposed under Section 271AAB, ruling that the income was not undisclosed as defined by law. It was found that the failure to record income in regular books was a genuine mistake, not an attempt to conceal income. Additionally, the tribunal clarified that the requirement to maintain books of account under Section 44AA does not apply to individuals earning income under "Income from Other Sources." The revenue's appeal was dismissed. en-us Mon, 19 Feb 2018 00:00:00 +0530 Wed, 28 Feb 2018 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356511 The tribunal upheld the decision to delete the penalty imposed under Section 271AAB, ruling that the income was not undisclosed as defined by law. It was found that the failure to record income in regular books was a genuine mistake, not an attempt to conceal income. Additionally, the tribunal clarified that the requirement to maintain books of account under Section 44AA does not apply to individuals earning income under "Income from Other Sources." The revenue's appeal was dismissed. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356511