https://www.taxtmi.com/caselaws?id=250809 The Tribunal dismissed the Revenue's appeals and upheld the deletion of penalties by the Ld. CIT(A) under section 271AAA of the I.T. Act, 1961. The Tribunal found that penalizing the assessee for undisclosed income, despite accepting the explanations provided, was unjustified. Emphasizing the lack of adverse material to rebut the claims, the Tribunal affirmed that the penalties were deleted rightfully, as the AO erred in initiating penalty proceedings without substantial evidence. en-us Thu, 14 Aug 2014 00:00:00 +0530 Tue, 26 Aug 2014 15:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250809 The Tribunal dismissed the Revenue's appeals and upheld the deletion of penalties by the Ld. CIT(A) under section 271AAA of the I.T. Act, 1961. The Tribunal found that penalizing the assessee for undisclosed income, despite accepting the explanations provided, was unjustified. Emphasizing the lack of adverse material to rebut the claims, the Tribunal affirmed that the penalties were deleted rightfully, as the AO erred in initiating penalty proceedings without substantial evidence. Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250809