https://www.taxtmi.com/caselaws?id=386752 The ITAT upheld the penalty under Section 271AAA, rejecting the assessee's appeal due to the failure to provide a satisfactory explanation and meet the conditions for immunity under Section 271AAA(2). The penalty of 10% of the undisclosed income assessed was confirmed at Rs. 61,500. The decision aligned with precedent cases, emphasizing the importance of substantiating income sources and complying with tax provisions. The appeal was dismissed, and the penalty was upheld, with the judgment pronounced on 09th August 2019. en-us Fri, 09 Aug 2019 00:00:00 +0530 Mon, 07 Oct 2019 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386752 The ITAT upheld the penalty under Section 271AAA, rejecting the assessee's appeal due to the failure to provide a satisfactory explanation and meet the conditions for immunity under Section 271AAA(2). The penalty of 10% of the undisclosed income assessed was confirmed at Rs. 61,500. The decision aligned with precedent cases, emphasizing the importance of substantiating income sources and complying with tax provisions. The appeal was dismissed, and the penalty was upheld, with the judgment pronounced on 09th August 2019. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386752