https://www.taxtmi.com/caselaws?id=393070 The Tribunal allowed the appeal, setting aside the penalty under section 271AAB. It held that penalty initiation was valid as it specified charges, allowing the assessee to respond. The penalty was deemed discretionary, requiring judicial consideration. The surrendered inherited jewellery was not undisclosed income, following precedent. The Tribunal emphasized the need for clear charges and proper discretion in penalty proceedings. en-us Mon, 24 Feb 2020 00:00:00 +0530 Thu, 05 Mar 2020 13:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393070 The Tribunal allowed the appeal, setting aside the penalty under section 271AAB. It held that penalty initiation was valid as it specified charges, allowing the assessee to respond. The penalty was deemed discretionary, requiring judicial consideration. The surrendered inherited jewellery was not undisclosed income, following precedent. The Tribunal emphasized the need for clear charges and proper discretion in penalty proceedings. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393070