https://www.taxtmi.com/caselaws?id=406047 The Tribunal concluded that the penalty imposed under Section 271AAB was not justified as the additional income declared did not qualify as "undisclosed income," and the imposition of the penalty was discretionary, not mandatory. Furthermore, the procedural lapses and the reasonable cause for the delay in filing the return warranted the deletion of the penalty. The appeal was partly allowed, and the penalty under Section 271AAB was directed to be deleted. en-us Thu, 18 Mar 2021 00:00:00 +0530 Mon, 05 Apr 2021 09:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406047 The Tribunal concluded that the penalty imposed under Section 271AAB was not justified as the additional income declared did not qualify as "undisclosed income," and the imposition of the penalty was discretionary, not mandatory. Furthermore, the procedural lapses and the reasonable cause for the delay in filing the return warranted the deletion of the penalty. The appeal was partly allowed, and the penalty under Section 271AAB was directed to be deleted. Case-Laws Income Tax Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406047