https://www.taxtmi.com/caselaws?id=383356 The Court upheld the Tribunal's decision to delete the penalty under Section 271AAA of the Income Tax Act. It emphasized the importance of the statement recorded under Section 132(4) for disclosing the manner of deriving undisclosed income to avoid penalties. The Court highlighted the assessee's responsibility to disclose and substantiate the income derivation method, stating that penalties should only be imposed if the assessee fails to provide such information after specific questioning by the Revenue. en-us Mon, 15 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 08:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383356 The Court upheld the Tribunal's decision to delete the penalty under Section 271AAA of the Income Tax Act. It emphasized the importance of the statement recorded under Section 132(4) for disclosing the manner of deriving undisclosed income to avoid penalties. The Court highlighted the assessee's responsibility to disclose and substantiate the income derivation method, stating that penalties should only be imposed if the assessee fails to provide such information after specific questioning by the Revenue. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383356