https://www.taxtmi.com/caselaws?id=273112 The ITAT upheld the penalty of Rs. 2,66,700 imposed under section 271AAA of the Income Tax Act on the assessee for undisclosed income related to excess gold and diamond jewellery. The ITAT found that the assessee failed to disclose and substantiate the manner of earning the undisclosed income as required by the Act. Despite arguments citing case laws, the ITAT concluded that the assessee did not meet the necessary conditions for waiving the penalty, leading to the dismissal of the appeal and confirmation of the penalty. en-us Thu, 22 Sep 2016 00:00:00 +0530 Wed, 06 Jun 2018 12:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273112 The ITAT upheld the penalty of Rs. 2,66,700 imposed under section 271AAA of the Income Tax Act on the assessee for undisclosed income related to excess gold and diamond jewellery. The ITAT found that the assessee failed to disclose and substantiate the manner of earning the undisclosed income as required by the Act. Despite arguments citing case laws, the ITAT concluded that the assessee did not meet the necessary conditions for waiving the penalty, leading to the dismissal of the appeal and confirmation of the penalty. Case-Laws Income Tax Thu, 22 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273112