https://www.taxtmi.com/caselaws?id=387513 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271AAB of the Income Tax Act, 1961. It held that the advances for land purchase did not qualify as "undisclosed income" under Section 271AAB. The Tribunal emphasized that the penalty under this section is discretionary and not automatic, based on the facts of each case. The decision was consistent with earlier rulings in similar cases involving the assessee's family members, where penalties under Section 271AAB were also deleted. en-us Mon, 21 Oct 2019 00:00:00 +0530 Wed, 23 Oct 2019 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387513 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271AAB of the Income Tax Act, 1961. It held that the advances for land purchase did not qualify as "undisclosed income" under Section 271AAB. The Tribunal emphasized that the penalty under this section is discretionary and not automatic, based on the facts of each case. The decision was consistent with earlier rulings in similar cases involving the assessee's family members, where penalties under Section 271AAB were also deleted. Case-Laws Income Tax Mon, 21 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387513