https://www.taxtmi.com/caselaws?id=444793 The appeal by Revenue against the CIT(A)'s order under section 271AAA of the Income Tax Act, 1961, was dismissed. The Tribunal found that the additional income disclosed during the search was part of cash sales and included in the books of accounts, categorizing it as business income connected to the profits of an Industrial Undertaking. Consequently, the CIT(A) was justified in deleting the penalty, as the manner of earning the alleged undisclosed income was substantiated. The Revenue's appeal was therefore dismissed. en-us Wed, 11 Oct 2023 00:00:00 +0530 Sat, 21 Oct 2023 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444793 The appeal by Revenue against the CIT(A)'s order under section 271AAA of the Income Tax Act, 1961, was dismissed. The Tribunal found that the additional income disclosed during the search was part of cash sales and included in the books of accounts, categorizing it as business income connected to the profits of an Industrial Undertaking. Consequently, the CIT(A) was justified in deleting the penalty, as the manner of earning the alleged undisclosed income was substantiated. The Revenue's appeal was therefore dismissed. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444793