https://www.taxtmi.com/caselaws?id=357240 The appeals filed by the revenue were dismissed, and the orders of the Commissioner of Income Tax (Appeals) deleting the penalty under section 271AAB of the Income-tax Act, 1961 were upheld by the Income Tax Appellate Tribunal. The Tribunal held that the penalty provisions under section 271AAB are discretionary, not mandatory, and the income in question did not meet the definition of "undisclosed income." The Tribunal based its decision on the interpretation of legal provisions and specific facts of the case, including how the income was recorded. en-us Wed, 14 Mar 2018 00:00:00 +0530 Tue, 20 Mar 2018 08:46:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357240 The appeals filed by the revenue were dismissed, and the orders of the Commissioner of Income Tax (Appeals) deleting the penalty under section 271AAB of the Income-tax Act, 1961 were upheld by the Income Tax Appellate Tribunal. The Tribunal held that the penalty provisions under section 271AAB are discretionary, not mandatory, and the income in question did not meet the definition of "undisclosed income." The Tribunal based its decision on the interpretation of legal provisions and specific facts of the case, including how the income was recorded. Case-Laws Income Tax Wed, 14 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357240