https://www.taxtmi.com/caselaws?id=423308 The Tribunal allowed the appeal, ruling that the penalty under Section 271AAB was not applicable as the undisclosed income was discovered during assessment proceedings and not during the search. The penalty of Rs. 1,42,500 imposed on the assessee was quashed as the income found during assessment did not meet the criteria set forth in Section 271AAB. The Tribunal emphasized that for the penalty to apply, the undisclosed income must be unearthed during the search, as defined under the section. en-us Mon, 30 May 2022 00:00:00 +0530 Fri, 03 Jun 2022 13:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423308 The Tribunal allowed the appeal, ruling that the penalty under Section 271AAB was not applicable as the undisclosed income was discovered during assessment proceedings and not during the search. The penalty of Rs. 1,42,500 imposed on the assessee was quashed as the income found during assessment did not meet the criteria set forth in Section 271AAB. The Tribunal emphasized that for the penalty to apply, the undisclosed income must be unearthed during the search, as defined under the section. Case-Laws Income Tax Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423308