https://www.taxtmi.com/caselaws?id=384649 The appeal was dismissed, and the penalty under Section 271AAA of the Income Tax Act, 1961, amounting to Rs. 10,00,000 was confirmed. The assessee failed to comply with the statutory requirements of disclosing and substantiating the manner in which the undisclosed income was derived. The Tribunal upheld the penalty as the assessee's explanation regarding the undisclosed income from land transactions lacked specific details and did not meet the conditions specified under Section 271AAA(2). en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 19 Aug 2019 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384649 The appeal was dismissed, and the penalty under Section 271AAA of the Income Tax Act, 1961, amounting to Rs. 10,00,000 was confirmed. The assessee failed to comply with the statutory requirements of disclosing and substantiating the manner in which the undisclosed income was derived. The Tribunal upheld the penalty as the assessee's explanation regarding the undisclosed income from land transactions lacked specific details and did not meet the conditions specified under Section 271AAA(2). Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384649