https://www.taxtmi.com/caselaws?id=382044 The ITAT confirmed the penalty under section 271AAB of the Income Tax Act on surrendered undisclosed income, considering stock discrepancies as undisclosed income. The penalty of Rs. 28,30,000 was upheld based on the definition of undisclosed income and conditions specified in the Act, rejecting the assessee's argument that the surrendered income was disclosed in the return. en-us Fri, 21 Jun 2019 00:00:00 +0530 Mon, 24 Jun 2019 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382044 The ITAT confirmed the penalty under section 271AAB of the Income Tax Act on surrendered undisclosed income, considering stock discrepancies as undisclosed income. The penalty of Rs. 28,30,000 was upheld based on the definition of undisclosed income and conditions specified in the Act, rejecting the assessee's argument that the surrendered income was disclosed in the return. Case-Laws Income Tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382044