https://www.taxtmi.com/caselaws?id=370649 For relief from search penalty under section 271AAA, the assessee must specifically state and substantiate the manner in which undisclosed income was derived. On the undervaluation of stock and cash, the business explanation, valuation method, inventory reconciliation and cash-source explanation were treated as sufficient, so penalty was deleted for that part. On unexplained jewellery, the explanation lacked particulars and reliable proof of source, so penalty was sustained. The first appellate authority could not enhance the penalty because the statute vested that power in the Assessing Officer, and the enhancement was deleted. en-us Tue, 09 Oct 2018 00:00:00 +0530 Wed, 21 Nov 2018 21:30:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370649 For relief from search penalty under section 271AAA, the assessee must specifically state and substantiate the manner in which undisclosed income was derived. On the undervaluation of stock and cash, the business explanation, valuation method, inventory reconciliation and cash-source explanation were treated as sufficient, so penalty was deleted for that part. On unexplained jewellery, the explanation lacked particulars and reliable proof of source, so penalty was sustained. The first appellate authority could not enhance the penalty because the statute vested that power in the Assessing Officer, and the enhancement was deleted. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370649