https://www.taxtmi.com/caselaws?id=372432 The Tribunal partly allowed the Revenue's appeals and the assessee's cross-objections. It directed the AO to impose a penalty at 10% under Section 271AAB(1)(a) instead of 30% under Section 271AAB(1)(c). The Tribunal upheld the CIT(A)'s order canceling the penalty imposed by the AO under Section 271AAB(1)(c), as the assessee had substantiated the manner of earning the undisclosed income and fulfilled the conditions under Section 271AAB(1)(a). The Tribunal dismissed the assessee's argument regarding the defectiveness of the show-cause notice. en-us Fri, 16 Nov 2018 00:00:00 +0530 Sat, 22 Dec 2018 08:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372432 The Tribunal partly allowed the Revenue's appeals and the assessee's cross-objections. It directed the AO to impose a penalty at 10% under Section 271AAB(1)(a) instead of 30% under Section 271AAB(1)(c). The Tribunal upheld the CIT(A)'s order canceling the penalty imposed by the AO under Section 271AAB(1)(c), as the assessee had substantiated the manner of earning the undisclosed income and fulfilled the conditions under Section 271AAB(1)(a). The Tribunal dismissed the assessee's argument regarding the defectiveness of the show-cause notice. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372432