https://www.taxtmi.com/caselaws?id=356890 The court reinstated a penalty under Section 271AAA of the Income Tax Act, originally deleted by the CIT (A) and ITAT. The court found that the assessee failed to adequately substantiate the manner in which the undisclosed income was derived, not meeting the statutory requirements for penalty avoidance. The court ruled in favor of the revenue, overturning the lower authorities' decisions and ordering the penalty's reinstatement without costs awarded. en-us Mon, 12 Mar 2018 00:00:00 +0530 Thu, 31 May 2018 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356890 The court reinstated a penalty under Section 271AAA of the Income Tax Act, originally deleted by the CIT (A) and ITAT. The court found that the assessee failed to adequately substantiate the manner in which the undisclosed income was derived, not meeting the statutory requirements for penalty avoidance. The court ruled in favor of the revenue, overturning the lower authorities' decisions and ordering the penalty's reinstatement without costs awarded. Case-Laws Income Tax Mon, 12 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356890