https://www.taxtmi.com/caselaws?id=440810 The appeal challenging the deletion of a penalty under Section 271AAB of the Income Tax Act was dismissed. The Commissioner of Income Tax (Appeals) upheld the deletion of the penalty, stating that the assessing officer failed to specify how the additional income was detected during the search and did not provide evidence of undisclosed income. The penalty order was found invalid for not specifying the default committed to attract the penalty. The disclosure of income was deemed voluntary, and the show cause notice was considered invalid for not specifying the grounds for the proposed penalty. en-us Mon, 10 Jul 2023 00:00:00 +0530 Mon, 24 Jul 2023 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440810 The appeal challenging the deletion of a penalty under Section 271AAB of the Income Tax Act was dismissed. The Commissioner of Income Tax (Appeals) upheld the deletion of the penalty, stating that the assessing officer failed to specify how the additional income was detected during the search and did not provide evidence of undisclosed income. The penalty order was found invalid for not specifying the default committed to attract the penalty. The disclosure of income was deemed voluntary, and the show cause notice was considered invalid for not specifying the grounds for the proposed penalty. Case-Laws Income Tax Mon, 10 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440810