https://www.taxtmi.com/caselaws?id=294688 The Revenue's appeals to reverse penalties under Section 271AAB of the Income Tax Act were dismissed by the CIT(A). The penalties were deleted as the disclosed income did not fall within the definition of "undisclosed income" and was properly recorded in the normal course of business. The CIT(A) found that the penalty proceedings were not validly initiated and the seized documents were not incriminating. Citing precedent, it was held that income in normal business documents does not constitute undisclosed income under Section 271AAB. Consequently, the penalties for both assessment years were deleted, and the Revenue's appeals were dismissed. en-us Fri, 15 Nov 2019 00:00:00 +0530 Wed, 28 Apr 2021 11:51:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294688 The Revenue's appeals to reverse penalties under Section 271AAB of the Income Tax Act were dismissed by the CIT(A). The penalties were deleted as the disclosed income did not fall within the definition of "undisclosed income" and was properly recorded in the normal course of business. The CIT(A) found that the penalty proceedings were not validly initiated and the seized documents were not incriminating. Citing precedent, it was held that income in normal business documents does not constitute undisclosed income under Section 271AAB. Consequently, the penalties for both assessment years were deleted, and the Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294688