https://www.taxtmi.com/caselaws?id=345854 The High Court upheld the deletion of a penalty under section 271AAA of the Income Tax Act by the Income Tax Appellate Tribunal. The Court emphasized that the assessee's admission of undisclosed income, payment of tax and interest, and lack of specific questioning regarding the manner of earning the income during the search action exempted them from the penalty. The Court reiterated that the assessee must specify and substantiate the manner of deriving undisclosed income to avoid penalties, with the failure to question the assessee during the statement recording process negating penalty imposition. en-us Mon, 24 Jul 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345854 The High Court upheld the deletion of a penalty under section 271AAA of the Income Tax Act by the Income Tax Appellate Tribunal. The Court emphasized that the assessee's admission of undisclosed income, payment of tax and interest, and lack of specific questioning regarding the manner of earning the income during the search action exempted them from the penalty. The Court reiterated that the assessee must specify and substantiate the manner of deriving undisclosed income to avoid penalties, with the failure to question the assessee during the statement recording process negating penalty imposition. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345854