https://www.taxtmi.com/caselaws?id=417866 The Appellate Tribunal ITAT Chennai ruled in favor of the appellant in a case concerning the validity of penalty under section 271AAB of the Income Tax Act, treatment of unsecured loan as undisclosed income under section 41(1), and applicability of penalty provisions post regular return filing. The Tribunal held that the penalty could not be upheld as the addition forming the basis of the penalty had been deleted in a previous judgment, the unsecured loan was genuine and not undisclosed income, and the income was disclosed in the regular return within the prescribed due date. The Assessing Officer was directed to delete the penalty imposed under section 271AAB. en-us Mon, 31 Jan 2022 00:00:00 +0530 Thu, 03 Feb 2022 08:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417866 The Appellate Tribunal ITAT Chennai ruled in favor of the appellant in a case concerning the validity of penalty under section 271AAB of the Income Tax Act, treatment of unsecured loan as undisclosed income under section 41(1), and applicability of penalty provisions post regular return filing. The Tribunal held that the penalty could not be upheld as the addition forming the basis of the penalty had been deleted in a previous judgment, the unsecured loan was genuine and not undisclosed income, and the income was disclosed in the regular return within the prescribed due date. The Assessing Officer was directed to delete the penalty imposed under section 271AAB. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417866