https://www.taxtmi.com/caselaws?id=437507 The Tribunal upheld the penalty imposed under section 271AAC(1) by the CIT(A), affirming that the appellant's admission of undisclosed income during the search, supported by evidence found, qualified as undisclosed income under section 271AAB. The disclosed income retained the characteristics of undisclosed income, justifying the penalty under section 271AAB(1A). The Tribunal found no fault in the Assessing Officer's decision and upheld the CIT(A)'s confirmation of the penalty. en-us Tue, 25 Apr 2023 00:00:00 +0530 Mon, 08 May 2023 07:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437507 The Tribunal upheld the penalty imposed under section 271AAC(1) by the CIT(A), affirming that the appellant's admission of undisclosed income during the search, supported by evidence found, qualified as undisclosed income under section 271AAB. The disclosed income retained the characteristics of undisclosed income, justifying the penalty under section 271AAB(1A). The Tribunal found no fault in the Assessing Officer's decision and upheld the CIT(A)'s confirmation of the penalty. Case-Laws Income Tax Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437507