https://www.taxtmi.com/caselaws?id=377441 The appeal challenging the penalty imposed under section 271AAA of the I.T. Act for AY 2012-13 was allowed. The penalty of 10% of undisclosed income was canceled as the Tribunal found no concrete evidence to justify the penalty imposition, following a similar case precedent where penalty was canceled due to lack of substantiation of undisclosed income. The decision highlighted the significance of proving undisclosed income and aligned with past rulings to ensure consistency in penalty imposition outcomes. en-us Wed, 27 Mar 2019 00:00:00 +0530 Fri, 29 Mar 2019 09:01:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377441 The appeal challenging the penalty imposed under section 271AAA of the I.T. Act for AY 2012-13 was allowed. The penalty of 10% of undisclosed income was canceled as the Tribunal found no concrete evidence to justify the penalty imposition, following a similar case precedent where penalty was canceled due to lack of substantiation of undisclosed income. The decision highlighted the significance of proving undisclosed income and aligned with past rulings to ensure consistency in penalty imposition outcomes. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377441