https://www.taxtmi.com/caselaws?id=384049 The Tribunal upheld the penalty imposed by the Assessing Officer under Section 271AAA of the Income-tax Act, 1961, as the conditions for exemption were not met by the assessee. The penalty was partially canceled for unexplained jewelry but maintained for surrendered amounts related to property transactions and jewelry. The Tribunal found that the undisclosed income was not admitted in a statement under Section 132(4) and the manner of deriving the income was not specified or substantiated. The appeal was dismissed, and the penalty was upheld on 31st July 2019. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384049 The Tribunal upheld the penalty imposed by the Assessing Officer under Section 271AAA of the Income-tax Act, 1961, as the conditions for exemption were not met by the assessee. The penalty was partially canceled for unexplained jewelry but maintained for surrendered amounts related to property transactions and jewelry. The Tribunal found that the undisclosed income was not admitted in a statement under Section 132(4) and the manner of deriving the income was not specified or substantiated. The appeal was dismissed, and the penalty was upheld on 31st July 2019. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384049