https://www.taxtmi.com/caselaws?id=443538 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 60 lakhs under section 271AAB of the Income Tax Act. It was found that the undisclosed income admitted by the assessee did not meet the criteria specified in the law, as there was no supporting incriminating material or discrepancies indicating concealment of income. The Tribunal emphasized that penalties under this section require a careful assessment of the facts and cannot be solely based on admissions without corroborating evidence. The Revenue's appeal was dismissed. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 26 Sep 2023 08:18:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443538 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 60 lakhs under section 271AAB of the Income Tax Act. It was found that the undisclosed income admitted by the assessee did not meet the criteria specified in the law, as there was no supporting incriminating material or discrepancies indicating concealment of income. The Tribunal emphasized that penalties under this section require a careful assessment of the facts and cannot be solely based on admissions without corroborating evidence. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443538