https://www.taxtmi.com/caselaws?id=441790 The High Court upheld the dismissal of the revenue's appeal regarding the surrender of income and penalty imposition under Section 271AAA of the Income Tax Act. The appellant's surrender of income, specifically unaccounted cash profit from trading in Crude Menthol Oil, was deemed undisclosed income by the Tribunal. The penalty on the surrendered amount was deleted as it was based on discrepancies discovered during the search action. The Court found no error in the Tribunal's decision, leading to the dismissal of the appeals for lack of merit. en-us Thu, 16 Mar 2023 00:00:00 +0530 Thu, 17 Aug 2023 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441790 The High Court upheld the dismissal of the revenue's appeal regarding the surrender of income and penalty imposition under Section 271AAA of the Income Tax Act. The appellant's surrender of income, specifically unaccounted cash profit from trading in Crude Menthol Oil, was deemed undisclosed income by the Tribunal. The penalty on the surrendered amount was deleted as it was based on discrepancies discovered during the search action. The Court found no error in the Tribunal's decision, leading to the dismissal of the appeals for lack of merit. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441790