https://www.taxtmi.com/caselaws?id=387639 The Tribunal allowed the appeal, ruling that the initiation of penalty proceedings under section 271AAB was invalid due to vague show cause notices and the discretionary nature of the penalty. The penalty imposed on disclosed income for land advances and excess jewellery was deemed unjustified, resulting in the penalty's deletion. The decision highlights the significance of precise notices and the discretionary aspect of penalties under section 271AAB. en-us Mon, 23 Sep 2019 00:00:00 +0530 Sat, 26 Oct 2019 11:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387639 The Tribunal allowed the appeal, ruling that the initiation of penalty proceedings under section 271AAB was invalid due to vague show cause notices and the discretionary nature of the penalty. The penalty imposed on disclosed income for land advances and excess jewellery was deemed unjustified, resulting in the penalty's deletion. The decision highlights the significance of precise notices and the discretionary aspect of penalties under section 271AAB. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387639