https://www.taxtmi.com/caselaws?id=414138 The Tribunal allowed the appeal, finding that the Revenue failed to question the manner of deriving undisclosed income as required by Section 271AAA. As the assessee admitted and incorporated the undisclosed income in the return, the Tribunal held that the Revenue's penalty imposition was unjustified. The Tribunal directed the AO to delete the penalty, emphasizing the Revenue's duty to establish non-compliance with statutory requirements. This resulted in the exoneration of the penalty imposed on the assessee for AY 2012-13. en-us Mon, 04 Oct 2021 00:00:00 +0530 Fri, 29 Oct 2021 05:22:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414138 The Tribunal allowed the appeal, finding that the Revenue failed to question the manner of deriving undisclosed income as required by Section 271AAA. As the assessee admitted and incorporated the undisclosed income in the return, the Tribunal held that the Revenue's penalty imposition was unjustified. The Tribunal directed the AO to delete the penalty, emphasizing the Revenue's duty to establish non-compliance with statutory requirements. This resulted in the exoneration of the penalty imposed on the assessee for AY 2012-13. Case-Laws Income Tax Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414138