https://www.taxtmi.com/caselaws?id=367588 The court upheld the Tribunal's decision to dismiss the appeal in a case concerning penalty under section 271AAA of the Income Tax Act, 1961. It emphasized the importance of substantial compliance with specifying the manner of deriving undisclosed income for claiming immunity from the penalty. The court ruled that the penalty could not be deleted solely based on the Assessing Officer not raising a query regarding the manner of deriving income. Additionally, the court considered the impact of additional additions made by the Assessing Officer on penalty deletion, ultimately upholding the decision based on substantial compliance by the assessee. en-us Mon, 17 Sep 2018 00:00:00 +0530 Thu, 19 Dec 2019 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367588 The court upheld the Tribunal's decision to dismiss the appeal in a case concerning penalty under section 271AAA of the Income Tax Act, 1961. It emphasized the importance of substantial compliance with specifying the manner of deriving undisclosed income for claiming immunity from the penalty. The court ruled that the penalty could not be deleted solely based on the Assessing Officer not raising a query regarding the manner of deriving income. Additionally, the court considered the impact of additional additions made by the Assessing Officer on penalty deletion, ultimately upholding the decision based on substantial compliance by the assessee. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367588