https://www.taxtmi.com/caselaws?id=279923 The Tribunal partly allowed the appeal, sustaining the penalty on the undisclosed stock of jewellery but setting aside the penalty on the undisclosed investment in land and construction of the house. It upheld the validity of the penalty order and the show cause notice, confirmed the discretionary nature of the penalty under Section 271AAB, and clarified that the penalty is based on the existence of undisclosed income found during a search. en-us Thu, 10 Jan 2019 00:00:00 +0530 Thu, 11 Apr 2019 05:10:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279923 The Tribunal partly allowed the appeal, sustaining the penalty on the undisclosed stock of jewellery but setting aside the penalty on the undisclosed investment in land and construction of the house. It upheld the validity of the penalty order and the show cause notice, confirmed the discretionary nature of the penalty under Section 271AAB, and clarified that the penalty is based on the existence of undisclosed income found during a search. Case-Laws Income Tax Thu, 10 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279923