https://www.taxtmi.com/caselaws?id=380532 The Tribunal held that the CIT(A) erred in deleting the penalty imposed under Section 271AAA as the assessee failed to substantiate the undisclosed income's manner of derivation. The AO's satisfaction is not a prerequisite for initiating penalty proceedings under Section 271AAA. The Tribunal emphasized the need for the assessee to specify and substantiate the income's manner of derivation during the search. Consequently, the Tribunal allowed the Revenue's appeal, restoring the penalty order passed by the AO. en-us Tue, 14 May 2019 00:00:00 +0530 Wed, 22 May 2019 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380532 The Tribunal held that the CIT(A) erred in deleting the penalty imposed under Section 271AAA as the assessee failed to substantiate the undisclosed income's manner of derivation. The AO's satisfaction is not a prerequisite for initiating penalty proceedings under Section 271AAA. The Tribunal emphasized the need for the assessee to specify and substantiate the income's manner of derivation during the search. Consequently, the Tribunal allowed the Revenue's appeal, restoring the penalty order passed by the AO. Case-Laws Income Tax Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380532