https://www.taxtmi.com/caselaws?id=397044 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271AAB for undisclosed income and investment in Land, dismissing the assessee's arguments. The penalty was initiated for the entire undisclosed income admitted post-search, not just a specific amount, and the justification for the undisclosed investment in Land was deemed insufficient as the source of investment was not adequately substantiated. Consequently, the Tribunal ruled in favor of the Revenue, affirming the penalty under section 271AAB and dismissing the assessee's appeal. en-us Fri, 24 Jul 2020 00:00:00 +0530 Fri, 31 Jul 2020 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397044 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271AAB for undisclosed income and investment in Land, dismissing the assessee's arguments. The penalty was initiated for the entire undisclosed income admitted post-search, not just a specific amount, and the justification for the undisclosed investment in Land was deemed insufficient as the source of investment was not adequately substantiated. Consequently, the Tribunal ruled in favor of the Revenue, affirming the penalty under section 271AAB and dismissing the assessee's appeal. Case-Laws Income Tax Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397044