https://www.taxtmi.com/caselaws?id=349720 The ITAT ruled in favor of the appellant, canceling the penalty imposed under section 271AAA for the relevant assessment year. The cash found during the search was explained as the wife's savings, not undisclosed income, and even if it was considered undisclosed income, the appellant had paid the tax due on it. The ITAT held that the penalty was not justified as the appellant had voluntarily added an amount based on his son's disclosure, fulfilling the requirements of specifying and substantiating the undisclosed income. en-us Wed, 04 Oct 2017 00:00:00 +0530 Tue, 24 Oct 2017 10:37:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349720 The ITAT ruled in favor of the appellant, canceling the penalty imposed under section 271AAA for the relevant assessment year. The cash found during the search was explained as the wife's savings, not undisclosed income, and even if it was considered undisclosed income, the appellant had paid the tax due on it. The ITAT held that the penalty was not justified as the appellant had voluntarily added an amount based on his son's disclosure, fulfilling the requirements of specifying and substantiating the undisclosed income. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349720