https://www.taxtmi.com/caselaws?id=261529 The Tribunal upheld the deletion of penalty on the disclosed income of Rs. 6.84 crores and further deleted the penalty on the balance undisclosed income of Rs. 1,13,65,623/-. It found that the assessee had adequately substantiated the manner of earning the undisclosed income, meeting the requirements under Section 271AAA. The Tribunal emphasized the importance of corroborative evidence and dismissed the Revenue's appeal while allowing the assessee's appeal, ruling that the penalty conditions were not met for both amounts. en-us Tue, 30 Jun 2015 00:00:00 +0530 Wed, 15 Jul 2015 06:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261529 The Tribunal upheld the deletion of penalty on the disclosed income of Rs. 6.84 crores and further deleted the penalty on the balance undisclosed income of Rs. 1,13,65,623/-. It found that the assessee had adequately substantiated the manner of earning the undisclosed income, meeting the requirements under Section 271AAA. The Tribunal emphasized the importance of corroborative evidence and dismissed the Revenue's appeal while allowing the assessee's appeal, ruling that the penalty conditions were not met for both amounts. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261529