Dismissing the appeal of the revenue the Court held that; during course of assessment proceedings the assessee had submitted several documents/communications to substantiate manner in which undisclosed income was derived, hence the Tribunal is justified in deleting the penalty levied by the AO. (AY. 2012-13)
PCIT v. Bhavi Chand Jindal. (2019) 105 taxann.com 77/ 263 Taxman 242 (Delhi)(HC) Editorial: SLP of revenue is dismissed, PCIT v. Bhavi Chand Jindal. (2019) 263 Taxman 241 (SC)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007–Manner of earning of earning of undisclosed income was substantiated–Deletion of penalty is held to be justified. [S.132(4)]