https://www.taxtmi.com/caselaws?id=459277 The Delhi HC ruled against the assessee regarding penalty under Section 271AAA(1). The assessee surrendered undisclosed income during search proceedings but failed to adequately substantiate the manner of derivation as required under Section 271AAA(2). The court held that merely stating amounts as undisclosed income without specifying source, nature, or derivation method was insufficient. The CIT(A) and Tribunal erred in deleting the penalty as the assessee did not meet statutory requirements for exemption under Section 271AAA(2), which mandates both admission and substantiation of undisclosed income derivation. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 13 Jan 2025 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459277 The Delhi HC ruled against the assessee regarding penalty under Section 271AAA(1). The assessee surrendered undisclosed income during search proceedings but failed to adequately substantiate the manner of derivation as required under Section 271AAA(2). The court held that merely stating amounts as undisclosed income without specifying source, nature, or derivation method was insufficient. The CIT(A) and Tribunal erred in deleting the penalty as the assessee did not meet statutory requirements for exemption under Section 271AAA(2), which mandates both admission and substantiation of undisclosed income derivation. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459277