https://www.taxtmi.com/caselaws?id=381845 The Tribunal ruled that the penalty under Section 271AAB of the Income Tax Act is discretionary, not mandatory. It emphasized that the Assessing Officer must prove that the surrendered income meets the criteria of "undisclosed income" and must adhere to proper notice procedures. The Tribunal partially allowed the appeal, canceling the penalty on surrendered expenditure and instructing a reassessment of the penalty on surrendered jewellery and silver items. en-us Mon, 17 Jun 2019 00:00:00 +0530 Thu, 20 Jun 2019 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381845 The Tribunal ruled that the penalty under Section 271AAB of the Income Tax Act is discretionary, not mandatory. It emphasized that the Assessing Officer must prove that the surrendered income meets the criteria of "undisclosed income" and must adhere to proper notice procedures. The Tribunal partially allowed the appeal, canceling the penalty on surrendered expenditure and instructing a reassessment of the penalty on surrendered jewellery and silver items. Case-Laws Income Tax Mon, 17 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381845