https://www.taxtmi.com/caselaws?id=380534 The appeals focused on the levy of penalties under section 271AAB of the Income Tax Act, 1961, relating to additional income declared during a search action. The Tribunal found that the penalties were not sustainable as the additional income declared voluntarily lacked incriminating material, thus not constituting "undisclosed income." Consequently, the penalties imposed were set aside, and the appeals were allowed, resulting in the deletion of penalties in all four cases. en-us Thu, 16 May 2019 00:00:00 +0530 Thu, 23 May 2019 08:23:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380534 The appeals focused on the levy of penalties under section 271AAB of the Income Tax Act, 1961, relating to additional income declared during a search action. The Tribunal found that the penalties were not sustainable as the additional income declared voluntarily lacked incriminating material, thus not constituting "undisclosed income." Consequently, the penalties imposed were set aside, and the appeals were allowed, resulting in the deletion of penalties in all four cases. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380534