https://www.taxtmi.com/caselaws?id=383966 The Tribunal remanded the case back to the Commissioner of Income Tax (Appeals) after finding that the penalty imposed under section 271AAB was not justified as there was no undisclosed income as defined in the Act. The Tribunal emphasized that the penalty is not automatic and requires the presence of undisclosed income. The Commissioner of Income Tax (Appeals) was directed to reconsider the case, taking into account all relevant facts, including the surrender letter and search statements. The assessee was granted a fair hearing opportunity, leading to the allowance of the appeal for statistical purposes. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 09:05:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383966 The Tribunal remanded the case back to the Commissioner of Income Tax (Appeals) after finding that the penalty imposed under section 271AAB was not justified as there was no undisclosed income as defined in the Act. The Tribunal emphasized that the penalty is not automatic and requires the presence of undisclosed income. The Commissioner of Income Tax (Appeals) was directed to reconsider the case, taking into account all relevant facts, including the surrender letter and search statements. The assessee was granted a fair hearing opportunity, leading to the allowance of the appeal for statistical purposes. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383966