https://www.taxtmi.com/caselaws?id=257746 The Tribunal held that the penalty imposed under Section 271AAA of the Income Tax Act, amounting to Rs. 12,50,00,000/-, was not justified. The Tribunal found that the assessee had specified and substantiated the manner in which the undisclosed income was derived, as required by law. Since the authorized officer did not inquire about the derivation of income during the search and considering relevant judicial precedents, the penalty was deemed unwarranted. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, and the appeal was allowed. en-us Mon, 24 Jun 2013 00:00:00 +0530 Mon, 21 Jan 2019 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257746 The Tribunal held that the penalty imposed under Section 271AAA of the Income Tax Act, amounting to Rs. 12,50,00,000/-, was not justified. The Tribunal found that the assessee had specified and substantiated the manner in which the undisclosed income was derived, as required by law. Since the authorized officer did not inquire about the derivation of income during the search and considering relevant judicial precedents, the penalty was deemed unwarranted. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, and the appeal was allowed. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257746