https://www.taxtmi.com/caselaws?id=388388 The Tribunal allowed the appeal, determining that the penalty under section 271AAB is discretionary, not mandatory. It found the penalty of Rs. 60,28,500 unjustified as the surrendered income did not meet the definition of undisclosed income. The penalty was deleted as the transactions did not qualify under section 271AAB. The Tribunal did not address the validity of the penalty notice, deeming it irrelevant after ruling on the penalty's merits. The appeal was allowed on 23/09/2019. en-us Mon, 23 Sep 2019 00:00:00 +0530 Thu, 14 Nov 2019 15:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388388 The Tribunal allowed the appeal, determining that the penalty under section 271AAB is discretionary, not mandatory. It found the penalty of Rs. 60,28,500 unjustified as the surrendered income did not meet the definition of undisclosed income. The penalty was deleted as the transactions did not qualify under section 271AAB. The Tribunal did not address the validity of the penalty notice, deeming it irrelevant after ruling on the penalty's merits. The appeal was allowed on 23/09/2019. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388388