https://www.taxtmi.com/caselaws?id=391349 The Tribunal affirmed the CIT(A)'s decision to delete penalties under Section 271AAB for the assessment years 2013-14 and 2014-15. The Tribunal held that the income disclosed by the appellant did not meet the definition of "undisclosed income" as per Explanation (c) to Section 271AAB, as it was recorded in regular business documents. Consequently, the penalties imposed by the Assessing Officer were deemed unjustified, and the Revenue's appeals were dismissed. en-us Wed, 22 Jan 2020 00:00:00 +0530 Sat, 25 Jan 2020 17:34:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391349 The Tribunal affirmed the CIT(A)'s decision to delete penalties under Section 271AAB for the assessment years 2013-14 and 2014-15. The Tribunal held that the income disclosed by the appellant did not meet the definition of "undisclosed income" as per Explanation (c) to Section 271AAB, as it was recorded in regular business documents. Consequently, the penalties imposed by the Assessing Officer were deemed unjustified, and the Revenue's appeals were dismissed. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391349