https://www.taxtmi.com/caselaws?id=417171 The ITAT Chandigarh upheld the CIT(A)'s decision to delete the penalty imposed under section 271AAB(c) of the Income Tax Act, 1961. The judgment emphasized the need for proper substantiation of undisclosed income and the significance of judicial decisions in determining penalty applicability. The appeal of the Revenue was dismissed, favoring the assessee, as the undisclosed income was related to a disallowance under section 14A and not covered under section 271AAB. en-us Tue, 04 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 08:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417171 The ITAT Chandigarh upheld the CIT(A)'s decision to delete the penalty imposed under section 271AAB(c) of the Income Tax Act, 1961. The judgment emphasized the need for proper substantiation of undisclosed income and the significance of judicial decisions in determining penalty applicability. The appeal of the Revenue was dismissed, favoring the assessee, as the undisclosed income was related to a disallowance under section 14A and not covered under section 271AAB. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417171