https://www.taxtmi.com/caselaws?id=281540 The Tribunal found that the penalty under section 271AAB was not justified for the surrendered amount of Rs. 14 crores as it did not qualify as "undisclosed income." However, the penalty was deemed justified for the surrendered amount of Rs. 39,99,158 due to stock discrepancies, limited to 10% of that amount under section 271AAB(1)(a). The appeal was partially allowed, with the excess penalty ordered to be removed. en-us Thu, 18 Apr 2019 00:00:00 +0530 Wed, 26 Jun 2019 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281540 The Tribunal found that the penalty under section 271AAB was not justified for the surrendered amount of Rs. 14 crores as it did not qualify as "undisclosed income." However, the penalty was deemed justified for the surrendered amount of Rs. 39,99,158 due to stock discrepancies, limited to 10% of that amount under section 271AAB(1)(a). The appeal was partially allowed, with the excess penalty ordered to be removed. Case-Laws Income Tax Thu, 18 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281540