https://www.taxtmi.com/caselaws?id=183926 The tribunal allowed the appeals in ITA Nos. 130, 131 to 136, and 137/CTK/2013. The penalties imposed under section 271AAA and 271(1)(c) were canceled or reduced based on the specific undisclosed income components and lack of substantiation by the assessee. The tribunal emphasized the importance of correctly applying the provisions of the Act and overturned penalties where the conditions were not met, ultimately favoring the appellants in the assessment years under consideration. en-us Fri, 17 Oct 2014 00:00:00 +0530 Sat, 25 Jun 2016 10:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183926 The tribunal allowed the appeals in ITA Nos. 130, 131 to 136, and 137/CTK/2013. The penalties imposed under section 271AAA and 271(1)(c) were canceled or reduced based on the specific undisclosed income components and lack of substantiation by the assessee. The tribunal emphasized the importance of correctly applying the provisions of the Act and overturned penalties where the conditions were not met, ultimately favoring the appellants in the assessment years under consideration. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183926