https://www.taxtmi.com/caselaws?id=361027 The Tribunal allowed the appeal, ruling that the penalty under Section 271AAB was unjustified as the commodity profit did not constitute "undisclosed income." The penalty was deleted, emphasizing the discretionary nature of Section 271AAB and the importance of strict interpretation of penalty provisions. Additionally, it was highlighted that the assessee was not obligated to maintain books of account under Section 44AA. The order was pronounced on 23.05.2018. en-us Wed, 23 May 2018 00:00:00 +0530 Fri, 25 May 2018 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361027 The Tribunal allowed the appeal, ruling that the penalty under Section 271AAB was unjustified as the commodity profit did not constitute "undisclosed income." The penalty was deleted, emphasizing the discretionary nature of Section 271AAB and the importance of strict interpretation of penalty provisions. Additionally, it was highlighted that the assessee was not obligated to maintain books of account under Section 44AA. The order was pronounced on 23.05.2018. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361027