https://www.taxtmi.com/caselaws?id=383990 The Tribunal found that the surrender made by the assessee, subject to no penal action and prosecution, did not absolve them from penalty imposition under Section 271AAB(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties are mandatory for undisclosed income based on specific criteria, as defined in the Explanation to Section 271AAB. The appeals were allowed for statistical purposes, with the case remanded to the AO for a speaking order, stressing the importance of fair participation in tax proceedings and adherence to legal procedures to avoid misconceptions regarding penalty implications of conditional surrenders. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 09:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383990 The Tribunal found that the surrender made by the assessee, subject to no penal action and prosecution, did not absolve them from penalty imposition under Section 271AAB(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties are mandatory for undisclosed income based on specific criteria, as defined in the Explanation to Section 271AAB. The appeals were allowed for statistical purposes, with the case remanded to the AO for a speaking order, stressing the importance of fair participation in tax proceedings and adherence to legal procedures to avoid misconceptions regarding penalty implications of conditional surrenders. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383990