https://www.taxtmi.com/caselaws?id=375109 The High Court upheld the Tribunal's decision to delete the penalty under Section 271AAA of the Income Tax Act. It emphasized that the assessee's responsibility to specify the manner of earning undisclosed income arises during statement recording. Failure of the Revenue to question the assessee about this manner during recording absolves the assessee from later substantiation requirements. The Court stressed that the initial specification by the assessee is crucial to avoid penalties, aligning with precedents from Allahabad and Gujarat High Courts. The decision highlights the significance of complying with statutory provisions to avoid penalties under Section 271AAA. en-us Thu, 07 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375109 The High Court upheld the Tribunal's decision to delete the penalty under Section 271AAA of the Income Tax Act. It emphasized that the assessee's responsibility to specify the manner of earning undisclosed income arises during statement recording. Failure of the Revenue to question the assessee about this manner during recording absolves the assessee from later substantiation requirements. The Court stressed that the initial specification by the assessee is crucial to avoid penalties, aligning with precedents from Allahabad and Gujarat High Courts. The decision highlights the significance of complying with statutory provisions to avoid penalties under Section 271AAA. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375109