https://www.taxtmi.com/caselaws?id=378176 The Tribunal upheld the penalty of Rs. 75,17,711/- on undisclosed income of Rs. 7,97,915, confirming it was not recorded in the books. Cash advances of Rs. 7,43,79,200 to farmers were deemed regular business transactions, not undisclosed income. The Tribunal stressed strict interpretation of "undisclosed income" under section 271AAB and deleted the penalty on the advances. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. The issue of defective show cause notice for penalty initiation was not addressed. en-us Thu, 04 Apr 2019 00:00:00 +0530 Wed, 10 Apr 2019 07:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378176 The Tribunal upheld the penalty of Rs. 75,17,711/- on undisclosed income of Rs. 7,97,915, confirming it was not recorded in the books. Cash advances of Rs. 7,43,79,200 to farmers were deemed regular business transactions, not undisclosed income. The Tribunal stressed strict interpretation of "undisclosed income" under section 271AAB and deleted the penalty on the advances. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. The issue of defective show cause notice for penalty initiation was not addressed. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378176