https://www.taxtmi.com/caselaws?id=275136 The appeal of the Revenue was dismissed, and the penalty under Section 271AAA was deleted. The Tribunal upheld the decision of the CIT(A), ruling that since the Revenue did not inquire about the manner of earning the undisclosed income during the statement recorded under Section 132(4), and taxes were paid, the penalty could not be levied. The Tribunal found in favor of the assessee, emphasizing substantial compliance with the law. en-us Thu, 30 Apr 2015 00:00:00 +0530 Thu, 20 Sep 2018 06:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275136 The appeal of the Revenue was dismissed, and the penalty under Section 271AAA was deleted. The Tribunal upheld the decision of the CIT(A), ruling that since the Revenue did not inquire about the manner of earning the undisclosed income during the statement recorded under Section 132(4), and taxes were paid, the penalty could not be levied. The Tribunal found in favor of the assessee, emphasizing substantial compliance with the law. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275136