https://www.taxtmi.com/caselaws?id=438146 The appeal against the penalty imposed under Section 271AAA of the Income Tax Act was allowed by the ITAT Delhi. The penalty was found unjustified as the surrendered income was offered in the return, and no statement u/s 132(4) was recorded. The absence of such a statement meant that no inference could be drawn that the assessee failed to specify the income's manner of derivation. Citing a previous judgment, the initiation of penalty under Section 271AAA cannot be based on a surrendered amount that does not qualify as undisclosed income. The grounds raised by the assessee were upheld, and the penalty was deleted. en-us Tue, 16 May 2023 00:00:00 +0530 Wed, 24 May 2023 09:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438146 The appeal against the penalty imposed under Section 271AAA of the Income Tax Act was allowed by the ITAT Delhi. The penalty was found unjustified as the surrendered income was offered in the return, and no statement u/s 132(4) was recorded. The absence of such a statement meant that no inference could be drawn that the assessee failed to specify the income's manner of derivation. Citing a previous judgment, the initiation of penalty under Section 271AAA cannot be based on a surrendered amount that does not qualify as undisclosed income. The grounds raised by the assessee were upheld, and the penalty was deleted. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438146