https://www.taxtmi.com/caselaws?id=371086 The Tribunal confirmed the addition of Rs. 2,00,000 due to the assessee's failure to justify the reduction in disclosed income. The disallowance of Rs. 56,130 for personal expenses was upheld. However, the Tribunal allowed the loss of Rs. 2,09,901, as the businesses were found operational. The penalty of Rs. 3,50,000 under Section 271AAA was deleted, as the revenue failed to demonstrate the assessee's opportunity to explain the undisclosed income source. The appeal was partly allowed, confirming some additions and disallowances while overturning the penalty. en-us Mon, 26 Nov 2018 00:00:00 +0530 Wed, 28 Nov 2018 08:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371086 The Tribunal confirmed the addition of Rs. 2,00,000 due to the assessee's failure to justify the reduction in disclosed income. The disallowance of Rs. 56,130 for personal expenses was upheld. However, the Tribunal allowed the loss of Rs. 2,09,901, as the businesses were found operational. The penalty of Rs. 3,50,000 under Section 271AAA was deleted, as the revenue failed to demonstrate the assessee's opportunity to explain the undisclosed income source. The appeal was partly allowed, confirming some additions and disallowances while overturning the penalty. Case-Laws Income Tax Mon, 26 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371086