https://www.taxtmi.com/caselaws?id=367824 The High Court dismissed the Revenue's appeal, upholding the deletion of the penalty of Rs. 3 crores imposed under Section 271AAA of the Income Tax Act, 1961. The Court found that the respondent-assessee had substantiated the manner in which the undisclosed income was derived as required by law, and that the penalty was imposed without proper consideration of the evidence provided during the assessment proceedings. The appeal was dismissed without any order as to costs. en-us Thu, 13 Sep 2018 00:00:00 +0530 Sat, 29 Jun 2019 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367824 The High Court dismissed the Revenue's appeal, upholding the deletion of the penalty of Rs. 3 crores imposed under Section 271AAA of the Income Tax Act, 1961. The Court found that the respondent-assessee had substantiated the manner in which the undisclosed income was derived as required by law, and that the penalty was imposed without proper consideration of the evidence provided during the assessment proceedings. The appeal was dismissed without any order as to costs. Case-Laws Income Tax Thu, 13 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367824