https://www.taxtmi.com/caselaws?id=378509 The Tribunal allowed the appeal, ruling that the penalty under section 271AAB of the IT Act is discretionary, the initiation of penalty proceedings was invalid due to defective notices, and the disclosed income did not qualify as undisclosed income. Consequently, the penalty order was quashed, and the penalty was deleted. en-us Thu, 11 Apr 2019 00:00:00 +0530 Wed, 17 Apr 2019 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378509 The Tribunal allowed the appeal, ruling that the penalty under section 271AAB of the IT Act is discretionary, the initiation of penalty proceedings was invalid due to defective notices, and the disclosed income did not qualify as undisclosed income. Consequently, the penalty order was quashed, and the penalty was deleted. Case-Laws Income Tax Thu, 11 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378509