https://www.taxtmi.com/caselaws?id=381210 The Tribunal upheld the penalty imposed under Section 271AAB of the Income Tax Act, 1961, on the assessee for undisclosed income found during a search operation. The penalty was confirmed as the assessee failed to maintain proper records and could not substantiate the seized cash. Despite an initial error in the penalty notice citation, the Tribunal deemed it valid, emphasizing that the authority had jurisdiction. The Tribunal relied on precedents to support the applicability of Section 271AAB in such cases. The appeal was dismissed, and the penalty was upheld on 31.05.2019. en-us Fri, 31 May 2019 00:00:00 +0530 Wed, 05 Jun 2019 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381210 The Tribunal upheld the penalty imposed under Section 271AAB of the Income Tax Act, 1961, on the assessee for undisclosed income found during a search operation. The penalty was confirmed as the assessee failed to maintain proper records and could not substantiate the seized cash. Despite an initial error in the penalty notice citation, the Tribunal deemed it valid, emphasizing that the authority had jurisdiction. The Tribunal relied on precedents to support the applicability of Section 271AAB in such cases. The appeal was dismissed, and the penalty was upheld on 31.05.2019. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381210