https://www.taxtmi.com/caselaws?id=258084 The Tribunal allowed the Revenue's appeal, vacating the CIT(A)'s decision to delete the penalty under Section 271AAA of the Income Tax Act, 1961. The Tribunal directed a fresh consideration of the case under the correct provision, emphasizing the need for compliance with the specific conditions outlined in Section 271AAA, including admission of undisclosed income during the search and substantiation of its derivation. The CIT(A) was instructed to re-evaluate the case, ensuring each condition under Section 271AAA(2) was separately assessed and met. en-us Wed, 28 Jan 2015 00:00:00 +0530 Fri, 15 May 2015 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258084 The Tribunal allowed the Revenue's appeal, vacating the CIT(A)'s decision to delete the penalty under Section 271AAA of the Income Tax Act, 1961. The Tribunal directed a fresh consideration of the case under the correct provision, emphasizing the need for compliance with the specific conditions outlined in Section 271AAA, including admission of undisclosed income during the search and substantiation of its derivation. The CIT(A) was instructed to re-evaluate the case, ensuring each condition under Section 271AAA(2) was separately assessed and met. Case-Laws Income Tax Wed, 28 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258084