https://www.taxtmi.com/caselaws?id=759652 The ITAT Delhi held that penalty under Section 271AAB was not justified where the assessee had disclosed LTCG and cash transactions in the return of income filed during search proceedings under Section 132. The tribunal found no admission of undisclosed income recorded under Section 132(4), which is essential for imposing penalty under Section 271AAB(1A). The disclosed income did not fall within the definition of undisclosed income as the transactions were conducted through banking channels, advance tax was paid, and the income was otherwise taxable. The penalty was deleted following precedent from a coordinate bench decision. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759652 The ITAT Delhi held that penalty under Section 271AAB was not justified where the assessee had disclosed LTCG and cash transactions in the return of income filed during search proceedings under Section 132. The tribunal found no admission of undisclosed income recorded under Section 132(4), which is essential for imposing penalty under Section 271AAB(1A). The disclosed income did not fall within the definition of undisclosed income as the transactions were conducted through banking channels, advance tax was paid, and the income was otherwise taxable. The penalty was deleted following precedent from a coordinate bench decision. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759652