https://www.taxtmi.com/caselaws?id=401412 The tribunal found that penalties imposed at 30% of alleged undisclosed income under Section 271AAB of the Income Tax Act were unjustified. The Commissioner of Income Tax (Appeals) restricted penalties to 10% each, as the income was disclosed in the return and met conditions for a reduced penalty rate. The tribunal deemed penalty proceedings invalid due to improper notice and directed penalties be limited to 10% of undisclosed income. Appeals were allowed, and balance penalty amounts were deleted. en-us Thu, 22 Oct 2020 00:00:00 +0530 Mon, 07 Dec 2020 10:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401412 The tribunal found that penalties imposed at 30% of alleged undisclosed income under Section 271AAB of the Income Tax Act were unjustified. The Commissioner of Income Tax (Appeals) restricted penalties to 10% each, as the income was disclosed in the return and met conditions for a reduced penalty rate. The tribunal deemed penalty proceedings invalid due to improper notice and directed penalties be limited to 10% of undisclosed income. Appeals were allowed, and balance penalty amounts were deleted. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401412