https://www.taxtmi.com/caselaws?id=393071 The Tribunal set aside the lower authorities' orders and allowed the assessee's appeal, finding the penalty under Section 271AAB unsustainable. The Tribunal emphasized the importance of specific findings of undisclosed income and the proper exercise of discretion by the Assessing Officer in penalty proceedings. The penalty notices were deemed valid as they specified the charge, providing the assessee an opportunity to respond. The surrendered amount did not qualify as undisclosed income, as the valuation difference was due to market value assessment, not discrepancies in stock quantity. en-us Mon, 24 Feb 2020 00:00:00 +0530 Mon, 28 Dec 2020 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393071 The Tribunal set aside the lower authorities' orders and allowed the assessee's appeal, finding the penalty under Section 271AAB unsustainable. The Tribunal emphasized the importance of specific findings of undisclosed income and the proper exercise of discretion by the Assessing Officer in penalty proceedings. The penalty notices were deemed valid as they specified the charge, providing the assessee an opportunity to respond. The surrendered amount did not qualify as undisclosed income, as the valuation difference was due to market value assessment, not discrepancies in stock quantity. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393071