Tribunal held that the assessee made statement that investment made in land/plots and movable and immovable properties represented its undisclosed income, however, he had not explained sources from where he made said investments and taxes due on said income were also not paid, penalty imposed was held to be justified (AY. 2011-12)
ACIT v. Shailesh Gopal Mhaske (2017) 192 TTJ 559 (Pune)(Trib.)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007– Penalty–Source of investment is explained and taxes not paid -Levy of penalty is held to be justified.[S. 132(4)]