https://www.taxtmi.com/caselaws?id=303183 The appeals against the confirmation of penalties under section 271AAB for Assessment Years 2013-14 and 2014-15 were allowed. The penalties imposed on the assessee were deleted as it was found that the disclosed income was not based on any incriminating material, and the undisclosed income was not linked to specific assets or entries in the books of accounts. As there were no false entries and the disclosure was voluntary, it did not meet the criteria for undisclosed income under Explanation-c(ii) to Sec. 271AAB. Consequently, both appeals were allowed, and the penalties were deleted for both years. en-us Wed, 04 Mar 2020 00:00:00 +0530 Thu, 07 Jul 2022 21:22:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303183 The appeals against the confirmation of penalties under section 271AAB for Assessment Years 2013-14 and 2014-15 were allowed. The penalties imposed on the assessee were deleted as it was found that the disclosed income was not based on any incriminating material, and the undisclosed income was not linked to specific assets or entries in the books of accounts. As there were no false entries and the disclosure was voluntary, it did not meet the criteria for undisclosed income under Explanation-c(ii) to Sec. 271AAB. Consequently, both appeals were allowed, and the penalties were deleted for both years. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303183