https://www.taxtmi.com/caselaws?id=337032 The Tribunal upheld the penalty imposed under section 271AAA on a company for undisclosed income during a search and seizure operation. The appellant failed to sufficiently substantiate the manner in which the income was derived, leading to the penalty imposition. Despite the appellant's contentions that no income was hidden during assessment proceedings, the penalty was affirmed as the burden under section 271AAA necessitates detailed substantiation. However, in a separate case, the Tribunal ruled in favor of an assessee, deleting the penalty under section 271AAA due to the assessing officer's failure to question the assessee under oath to substantiate the income's derivation adequately. en-us Wed, 26 Oct 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:26:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337032 The Tribunal upheld the penalty imposed under section 271AAA on a company for undisclosed income during a search and seizure operation. The appellant failed to sufficiently substantiate the manner in which the income was derived, leading to the penalty imposition. Despite the appellant's contentions that no income was hidden during assessment proceedings, the penalty was affirmed as the burden under section 271AAA necessitates detailed substantiation. However, in a separate case, the Tribunal ruled in favor of an assessee, deleting the penalty under section 271AAA due to the assessing officer's failure to question the assessee under oath to substantiate the income's derivation adequately. Case-Laws Income Tax Wed, 26 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337032