https://www.taxtmi.com/caselaws?id=378669 The Tribunal ruled that the penalty under Section 271AAB is discretionary, not mandatory. The notice for initiating penalty must specify the clause under which it is imposed. Cash advances for land purchases were not considered undisclosed income, resulting in deleted penalties. However, penalties were confirmed for undisclosed jewellery exceeding disclosed amounts. The Tribunal emphasized the importance of specific charges in penalty notices and the discretionary nature of penalties under Section 271AAB. en-us Mon, 08 Apr 2019 00:00:00 +0530 Fri, 19 Apr 2019 08:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378669 The Tribunal ruled that the penalty under Section 271AAB is discretionary, not mandatory. The notice for initiating penalty must specify the clause under which it is imposed. Cash advances for land purchases were not considered undisclosed income, resulting in deleted penalties. However, penalties were confirmed for undisclosed jewellery exceeding disclosed amounts. The Tribunal emphasized the importance of specific charges in penalty notices and the discretionary nature of penalties under Section 271AAB. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378669