https://www.taxtmi.com/caselaws?id=362301 The Tribunal allowed the appeal of the assessee, finding the penalty order under section 271AAB unsustainable due to the lack of specific grounds in the show cause notice, the discretionary nature of the penalty, and failure to prove the income disclosed as undisclosed. Emphasizing the need for a fair hearing and assessment, the Tribunal highlighted that the AO must exercise discretion judiciously and establish that the income falls within the defined scope of undisclosed income. en-us Wed, 13 Jun 2018 00:00:00 +0530 Fri, 22 Jun 2018 21:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362301 The Tribunal allowed the appeal of the assessee, finding the penalty order under section 271AAB unsustainable due to the lack of specific grounds in the show cause notice, the discretionary nature of the penalty, and failure to prove the income disclosed as undisclosed. Emphasizing the need for a fair hearing and assessment, the Tribunal highlighted that the AO must exercise discretion judiciously and establish that the income falls within the defined scope of undisclosed income. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362301