https://www.taxtmi.com/caselaws?id=385007 The Tribunal partially allowed the appeal, setting aside the penalty on the cash payment towards the purchase of a villa as it did not qualify as 'undisclosed income' under section 271AAB. However, the penalty on the cash found during the search was sustained as the source was inadequately explained. The Tribunal stressed the need for a strict interpretation of penalty provisions and clear identification of 'undisclosed income'. en-us Wed, 21 Aug 2019 00:00:00 +0530 Tue, 27 Aug 2019 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385007 The Tribunal partially allowed the appeal, setting aside the penalty on the cash payment towards the purchase of a villa as it did not qualify as 'undisclosed income' under section 271AAB. However, the penalty on the cash found during the search was sustained as the source was inadequately explained. The Tribunal stressed the need for a strict interpretation of penalty provisions and clear identification of 'undisclosed income'. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385007