https://www.taxtmi.com/caselaws?id=378423 The Tribunal concluded that the penalty levied under section 271AAB of the Income Tax Act was not sustainable. The Assessing Officer failed to specify the grounds for the penalty in the show cause notice, and the income recorded in the diary did not meet the definition of 'undisclosed income.' The Tribunal emphasized the discretionary nature of the penalty and allowed the appeal, resulting in the deletion of the penalty imposed on the assessee. en-us Tue, 26 Mar 2019 00:00:00 +0530 Sat, 13 Apr 2019 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378423 The Tribunal concluded that the penalty levied under section 271AAB of the Income Tax Act was not sustainable. The Assessing Officer failed to specify the grounds for the penalty in the show cause notice, and the income recorded in the diary did not meet the definition of 'undisclosed income.' The Tribunal emphasized the discretionary nature of the penalty and allowed the appeal, resulting in the deletion of the penalty imposed on the assessee. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378423