https://www.taxtmi.com/caselaws?id=362484 The Tribunal allowed the appeal, canceling the penalty levied under section 271AAB of the Income Tax Act, 1961, for the assessment year 2015-16. The penalty order was deemed void ab-initio as the Assessing Officer failed to specify grounds for penalty, did not properly apply the definition of undisclosed income, and did not exercise discretion judiciously. The Tribunal found the penalty unsustainable due to lack of specificity in the show cause notice, rendering the entire penalty proceedings unlawful. en-us Wed, 13 Jun 2018 00:00:00 +0530 Wed, 27 Jun 2018 08:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362484 The Tribunal allowed the appeal, canceling the penalty levied under section 271AAB of the Income Tax Act, 1961, for the assessment year 2015-16. The penalty order was deemed void ab-initio as the Assessing Officer failed to specify grounds for penalty, did not properly apply the definition of undisclosed income, and did not exercise discretion judiciously. The Tribunal found the penalty unsustainable due to lack of specificity in the show cause notice, rendering the entire penalty proceedings unlawful. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362484