https://www.taxtmi.com/caselaws?id=278292 The Tribunal allowed both appeals, deleting the penalties imposed under Section 271AAB for the assessment years 2013-14 and 2014-15. It concluded that the penalties were not justified due to procedural defects in the show cause notices and the lack of undisclosed income as defined under the section. The Tribunal emphasized the importance of specifying grounds for penalty imposition and providing the assessee with an opportunity to explain their default. en-us Tue, 24 Jul 2018 00:00:00 +0530 Wed, 23 Jan 2019 07:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278292 The Tribunal allowed both appeals, deleting the penalties imposed under Section 271AAB for the assessment years 2013-14 and 2014-15. It concluded that the penalties were not justified due to procedural defects in the show cause notices and the lack of undisclosed income as defined under the section. The Tribunal emphasized the importance of specifying grounds for penalty imposition and providing the assessee with an opportunity to explain their default. Case-Laws Income Tax Tue, 24 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278292