https://www.taxtmi.com/caselaws?id=369198 The tribunal upheld the penalty imposed under Section 271AAB of the Income Tax Act, 1961 on the assessee for undisclosed income related to bill trading activities. The tribunal found that the assessee failed to disclose the commission income before the search and only admitted it later, leading to the penalty being upheld at 30% of the undisclosed income amount. The tribunal determined that the penalty was justified as the assessee did not file the return on time and only acknowledged the income post-search, affirming the decisions of the lower authorities and dismissing the appeal. en-us Mon, 23 Jul 2018 00:00:00 +0530 Mon, 22 Oct 2018 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369198 The tribunal upheld the penalty imposed under Section 271AAB of the Income Tax Act, 1961 on the assessee for undisclosed income related to bill trading activities. The tribunal found that the assessee failed to disclose the commission income before the search and only admitted it later, leading to the penalty being upheld at 30% of the undisclosed income amount. The tribunal determined that the penalty was justified as the assessee did not file the return on time and only acknowledged the income post-search, affirming the decisions of the lower authorities and dismissing the appeal. Case-Laws Income Tax Mon, 23 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369198