https://www.taxtmi.com/caselaws?id=414198 The Tribunal upheld the CIT(A)'s decision and dismissed the appeal, affirming the mandatory and justified penalty under section 271AAB. The assessee's voluntary admission of undisclosed income during the search, without specifying the manner of earning it, led to the penalty being upheld at Rs. 30 lakhs. The Tribunal found that the undisclosed income fell within the scope of Explanation (C) to section 271AAB, and the penalty notice's lack of specific reference to subsections (a), (b), or (c) did not invalidate the penalty imposition. en-us Tue, 26 Oct 2021 00:00:00 +0530 Sat, 30 Oct 2021 15:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414198 The Tribunal upheld the CIT(A)'s decision and dismissed the appeal, affirming the mandatory and justified penalty under section 271AAB. The assessee's voluntary admission of undisclosed income during the search, without specifying the manner of earning it, led to the penalty being upheld at Rs. 30 lakhs. The Tribunal found that the undisclosed income fell within the scope of Explanation (C) to section 271AAB, and the penalty notice's lack of specific reference to subsections (a), (b), or (c) did not invalidate the penalty imposition. Case-Laws Income Tax Tue, 26 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414198