https://www.taxtmi.com/caselaws?id=359858 The Tribunal upheld the order of the CIT(A) and dismissed the revenue's appeals. It concluded that the penalty under Section 271AAB was discretionary, and income from speculative trading recorded in other documents did not constitute "undisclosed income." The Tribunal emphasized that maintaining books of account was not required for income classified under "Other Sources." Additionally, it determined that the assessment order's acceptance of income classification was final and could not be changed in penalty proceedings. en-us Thu, 26 Apr 2018 00:00:00 +0530 Sat, 05 May 2018 08:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359858 The Tribunal upheld the order of the CIT(A) and dismissed the revenue's appeals. It concluded that the penalty under Section 271AAB was discretionary, and income from speculative trading recorded in other documents did not constitute "undisclosed income." The Tribunal emphasized that maintaining books of account was not required for income classified under "Other Sources." Additionally, it determined that the assessment order's acceptance of income classification was final and could not be changed in penalty proceedings. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359858