https://www.taxtmi.com/caselaws?id=279893 The tribunal dismissed the challenge to the validity of the penalty notice under Section 271AAB, finding it sufficiently informed the assessee. It ruled the penalty under Section 271AAB is discretionary, not mandatory, based on case-specific circumstances. The tribunal held that the surrendered amounts did not qualify as "undisclosed income" as defined in Section 271AAB, setting aside the penalty. The appeal was allowed in favor of the assessee. en-us Fri, 18 Jan 2019 00:00:00 +0530 Wed, 10 Apr 2019 06:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279893 The tribunal dismissed the challenge to the validity of the penalty notice under Section 271AAB, finding it sufficiently informed the assessee. It ruled the penalty under Section 271AAB is discretionary, not mandatory, based on case-specific circumstances. The tribunal held that the surrendered amounts did not qualify as "undisclosed income" as defined in Section 271AAB, setting aside the penalty. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 18 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279893