https://www.taxtmi.com/caselaws?id=385036 The Tribunal ruled on the legality of penalties under section 271AAB of the Income Tax Act, 1961, finding that penalties are discretionary, not mandatory. Penalties were imposed based on the merits of each case, with penalties restricted to 10% of the value of undisclosed assets found during searches. If no incriminating material was found during a search, penalties were not warranted. Penalties were deleted for cases where no incriminating material was found and limited to 10% of the value of assets disclosed in other cases. en-us Fri, 12 Jul 2019 00:00:00 +0530 Wed, 28 Aug 2019 17:23:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385036 The Tribunal ruled on the legality of penalties under section 271AAB of the Income Tax Act, 1961, finding that penalties are discretionary, not mandatory. Penalties were imposed based on the merits of each case, with penalties restricted to 10% of the value of undisclosed assets found during searches. If no incriminating material was found during a search, penalties were not warranted. Penalties were deleted for cases where no incriminating material was found and limited to 10% of the value of assets disclosed in other cases. Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385036