https://www.taxtmi.com/caselaws?id=398745 The Tribunal upheld the decision to delete the penalty on undisclosed income of Rs. 3.3 crores while confirming a penalty on an additional amount. The Tribunal emphasized that undisclosed investment in land purchase does not automatically qualify as undisclosed income under Section 271AAB of the Income Tax Act, 1961. The decision was supported by relevant judgments, including those from the ITAT Jaipur bench. en-us Fri, 11 Sep 2020 00:00:00 +0530 Wed, 23 Sep 2020 10:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398745 The Tribunal upheld the decision to delete the penalty on undisclosed income of Rs. 3.3 crores while confirming a penalty on an additional amount. The Tribunal emphasized that undisclosed investment in land purchase does not automatically qualify as undisclosed income under Section 271AAB of the Income Tax Act, 1961. The decision was supported by relevant judgments, including those from the ITAT Jaipur bench. Case-Laws Income Tax Fri, 11 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398745