https://www.taxtmi.com/caselaws?id=278384 The ITAT, in a case concerning penalty under section 271AAA of the Income Tax Act, ruled in favor of the assessee. Despite admitting undisclosed income and paying taxes, the assessee did not specify the manner of earning it. The ITAT noted that the requirement to substantiate such details is challenging, especially when not maintained in regular books of account. Citing legal precedents, the ITAT overturned the penalty imposed by the Assessing Officer, emphasizing the difficulty for the assessee in meeting the specified criteria and granting immunity from penalty in similar circumstances. en-us Mon, 29 May 2017 00:00:00 +0530 Wed, 30 Jan 2019 06:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278384 The ITAT, in a case concerning penalty under section 271AAA of the Income Tax Act, ruled in favor of the assessee. Despite admitting undisclosed income and paying taxes, the assessee did not specify the manner of earning it. The ITAT noted that the requirement to substantiate such details is challenging, especially when not maintained in regular books of account. Citing legal precedents, the ITAT overturned the penalty imposed by the Assessing Officer, emphasizing the difficulty for the assessee in meeting the specified criteria and granting immunity from penalty in similar circumstances. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278384