https://www.taxtmi.com/caselaws?id=378508 The Tribunal found the initiation of penalty proceedings under section 271AAB invalid due to a lack of specificity in the show cause notice. It emphasized that the penalty is discretionary, requiring a judicious decision by the Assessing Officer based on a thorough investigation. The Tribunal ruled the penalty imposed was unsustainable, as the AO failed to establish the nature and source of the alleged undisclosed income. Consequently, the Tribunal allowed the appeal and quashed the penalty order. en-us Thu, 11 Apr 2019 00:00:00 +0530 Wed, 17 Apr 2019 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378508 The Tribunal found the initiation of penalty proceedings under section 271AAB invalid due to a lack of specificity in the show cause notice. It emphasized that the penalty is discretionary, requiring a judicious decision by the Assessing Officer based on a thorough investigation. The Tribunal ruled the penalty imposed was unsustainable, as the AO failed to establish the nature and source of the alleged undisclosed income. Consequently, the Tribunal allowed the appeal and quashed the penalty order. Case-Laws Income Tax Thu, 11 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378508