https://www.taxtmi.com/caselaws?id=378121 The Tribunal allowed the appeal, ruling that the initiation of penalty proceedings was invalid due to defective show cause notices and the penalty imposed under section 271AAB was unsustainable as the disclosed income did not meet the criteria of undisclosed income. It emphasized the discretionary nature of the penalty, requiring the assessing officer to carefully consider the facts before imposing penalties. en-us Fri, 05 Apr 2019 00:00:00 +0530 Wed, 15 May 2019 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378121 The Tribunal allowed the appeal, ruling that the initiation of penalty proceedings was invalid due to defective show cause notices and the penalty imposed under section 271AAB was unsustainable as the disclosed income did not meet the criteria of undisclosed income. It emphasized the discretionary nature of the penalty, requiring the assessing officer to carefully consider the facts before imposing penalties. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378121