https://www.taxtmi.com/caselaws?id=420039 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty imposed under section 271AAB of the Income-tax Act for AY 2013-14. It was determined that the commission income disclosed by the assessee during the search did not qualify as 'undisclosed income' as required by the section. Since the income was voluntarily disclosed within the prescribed timeline and no incriminating material was found during the search, the penalty was not applicable. The Tribunal dismissed the revenue's appeal, affirming the deletion of the penalty based on the specific circumstances of the case. en-us Wed, 23 Mar 2022 00:00:00 +0530 Fri, 25 Mar 2022 08:36:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420039 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty imposed under section 271AAB of the Income-tax Act for AY 2013-14. It was determined that the commission income disclosed by the assessee during the search did not qualify as 'undisclosed income' as required by the section. Since the income was voluntarily disclosed within the prescribed timeline and no incriminating material was found during the search, the penalty was not applicable. The Tribunal dismissed the revenue's appeal, affirming the deletion of the penalty based on the specific circumstances of the case. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420039