https://www.taxtmi.com/caselaws?id=393793 The Tribunal allowed the appeal of the assessee, determining that the penalty levied under Section 271AAB was not sustainable in law. It was emphasized that the Assessing Officer (AO) must make a judicious decision regarding the imposition of penalties, taking into account all relevant facts and ensuring that the conditions under Section 271AAB are met. The Tribunal concluded that the surrendered income did not qualify as "undisclosed income" under the section, leading to the deletion of the penalty imposed by the AO. en-us Tue, 07 Jan 2020 00:00:00 +0530 Wed, 04 Dec 2024 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393793 The Tribunal allowed the appeal of the assessee, determining that the penalty levied under Section 271AAB was not sustainable in law. It was emphasized that the Assessing Officer (AO) must make a judicious decision regarding the imposition of penalties, taking into account all relevant facts and ensuring that the conditions under Section 271AAB are met. The Tribunal concluded that the surrendered income did not qualify as "undisclosed income" under the section, leading to the deletion of the penalty imposed by the AO. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393793