https://www.taxtmi.com/highlights?id=83775 The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had declared a surrendered amount as "additional income," which was accepted by the Revenue. However, the assessee failed to substantiate the manner in which the undisclosed income was derived as required u/s 271AAA(2). Consequently, the lower appellate authorities erred in holding that the conditions in Section 271AAA(2) were satisfied by the assessee, and the penalty u/s 271AAA(1) was upheld. en-us Sat, 07 Dec 2024 08:14:54 +0530 Sat, 07 Dec 2024 08:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83775 The Supreme Court dismissed the appeal and concurred with the Delhi High Court's interpretation of Section 271AAA(2) of the Income Tax Act, 1961. The assessee had declared a surrendered amount as "additional income," which was accepted by the Revenue. However, the assessee failed to substantiate the manner in which the undisclosed income was derived as required u/s 271AAA(2). Consequently, the lower appellate authorities erred in holding that the conditions in Section 271AAA(2) were satisfied by the assessee, and the penalty u/s 271AAA(1) was upheld. Highlights Income Tax Sat, 07 Dec 2024 08:14:54 +0530 https://www.taxtmi.com/highlights?id=83775