https://www.taxtmi.com/caselaws?id=381208 The Tribunal quashed the penalty proceedings under Section 271AAB, holding that the initiation of penalty was invalid due to vague notices. The penalty was deemed discretionary, not mandatory. The Tribunal found that the items in question, including excess stock, cash advances, cash found at the residence, and jewellery, did not constitute undisclosed income as per Section 271AAB, leading to the penalty being unjustified. Consequently, the appeal of the assessee was allowed. en-us Thu, 30 May 2019 00:00:00 +0530 Mon, 01 Jul 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381208 The Tribunal quashed the penalty proceedings under Section 271AAB, holding that the initiation of penalty was invalid due to vague notices. The penalty was deemed discretionary, not mandatory. The Tribunal found that the items in question, including excess stock, cash advances, cash found at the residence, and jewellery, did not constitute undisclosed income as per Section 271AAB, leading to the penalty being unjustified. Consequently, the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 30 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381208