https://www.taxtmi.com/caselaws?id=424465 The Tribunal allowed the appeal of the assessee, holding that the Rs. 40 Lakhs did not qualify as "undisclosed income" for the purpose of penalty under Section 271AAA of the Income Tax Act, 1961. The Tribunal set aside the penalty imposed by the CIT(A) and directed the AO to delete the penalty. en-us Mon, 27 Jun 2022 00:00:00 +0530 Thu, 30 Jun 2022 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424465 The Tribunal allowed the appeal of the assessee, holding that the Rs. 40 Lakhs did not qualify as "undisclosed income" for the purpose of penalty under Section 271AAA of the Income Tax Act, 1961. The Tribunal set aside the penalty imposed by the CIT(A) and directed the AO to delete the penalty. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424465