https://www.taxtmi.com/caselaws?id=233695 The Tribunal allowed all three appeals of the assessees, leading to the deletion of the penalty imposed under Section 271AAA of the Income-tax Act, 1961. It was determined that the conditions for exemption from penalty were satisfied as the disclosed income was substantiated and taxes were paid. Additionally, the income was assessed in the hands of the individual members rather than the Association of Persons (AOP), in accordance with the CIT-VII, Delhi's decision. The taxes paid by the AOP were directed to be adjusted in the hands of the individual members equally. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 11 May 2013 19:46:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233695 The Tribunal allowed all three appeals of the assessees, leading to the deletion of the penalty imposed under Section 271AAA of the Income-tax Act, 1961. It was determined that the conditions for exemption from penalty were satisfied as the disclosed income was substantiated and taxes were paid. Additionally, the income was assessed in the hands of the individual members rather than the Association of Persons (AOP), in accordance with the CIT-VII, Delhi's decision. The taxes paid by the AOP were directed to be adjusted in the hands of the individual members equally. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233695