https://www.taxtmi.com/caselaws?id=394554 The Tribunal partially allowed the Revenue's appeal, directing the computation of the penalty based on the specific undisclosed income component identified during the search operation. The Tribunal emphasized that penalties for concealment must align with statutory definitions, overturning the CIT(A)'s decision to delete the penalty under sec. 271AAB for the assessment year 2013-14. Only the unrecorded portion of the income, amounting to &8377;69069994/-, qualified as undisclosed income, warranting the imposition of the penalty. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 16 Apr 2020 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394554 The Tribunal partially allowed the Revenue's appeal, directing the computation of the penalty based on the specific undisclosed income component identified during the search operation. The Tribunal emphasized that penalties for concealment must align with statutory definitions, overturning the CIT(A)'s decision to delete the penalty under sec. 271AAB for the assessment year 2013-14. Only the unrecorded portion of the income, amounting to &8377;69069994/-, qualified as undisclosed income, warranting the imposition of the penalty. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394554