https://www.taxtmi.com/caselaws?id=392209 The tribunal partly allowed both appeals by the assessee. In the first issue regarding the addition of income, the tribunal found that the disclosure made by the assessee covered the estimated income, leading to the deletion of the addition. In the second issue concerning the penalty imposed, the penalty was upheld but reduced to 10% of the confirmed additions. As a result, the penalty was revised to Rs. 2,75,000 from the original Rs. 4,57,041. en-us Thu, 13 Feb 2020 00:00:00 +0530 Sat, 15 Feb 2020 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392209 The tribunal partly allowed both appeals by the assessee. In the first issue regarding the addition of income, the tribunal found that the disclosure made by the assessee covered the estimated income, leading to the deletion of the addition. In the second issue concerning the penalty imposed, the penalty was upheld but reduced to 10% of the confirmed additions. As a result, the penalty was revised to Rs. 2,75,000 from the original Rs. 4,57,041. Case-Laws Income Tax Thu, 13 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392209