https://www.taxtmi.com/caselaws?id=361238 The Tribunal allowed the Revenue's appeal and reinstated the penalty under section 271AAA of the Income Tax Act for the assessment year 2010-11. The Tribunal held that the assessee's voluntary surrender of income amounting to Rs. 21 crores without proper substantiation did not meet the requirements of section 271AAA(2), making them liable for the penalty. The decision emphasized the necessity for the assessee to substantiate undisclosed income to avoid penalties under the Income Tax Act. en-us Wed, 30 May 2018 00:00:00 +0530 Fri, 01 Jun 2018 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361238 The Tribunal allowed the Revenue's appeal and reinstated the penalty under section 271AAA of the Income Tax Act for the assessment year 2010-11. The Tribunal held that the assessee's voluntary surrender of income amounting to Rs. 21 crores without proper substantiation did not meet the requirements of section 271AAA(2), making them liable for the penalty. The decision emphasized the necessity for the assessee to substantiate undisclosed income to avoid penalties under the Income Tax Act. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361238