https://www.taxtmi.com/caselaws?id=281556 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAB of the Income-tax Act, finding that the disclosed income did not meet the criteria of "undisclosed income" and that penalties under this section are discretionary, not mandatory. The Tribunal stressed the necessity of concrete evidence linking the disclosed income to assets or entries discovered during the search to justify the penalty under Section 271AAB. en-us Fri, 01 Feb 2019 00:00:00 +0530 Mon, 24 Jun 2019 20:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281556 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAB of the Income-tax Act, finding that the disclosed income did not meet the criteria of "undisclosed income" and that penalties under this section are discretionary, not mandatory. The Tribunal stressed the necessity of concrete evidence linking the disclosed income to assets or entries discovered during the search to justify the penalty under Section 271AAB. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281556