https://www.taxtmi.com/caselaws?id=261160 The Tribunal dismissed all appeals filed by the Revenue, upholding the CIT(A)'s decisions to delete penalties under Sections 271(1)(c) and 271AAA. It ruled that the income declared by the directors belonged to the companies, not the directors, hence penalty under Section 271(1)(c) was not justified. Additionally, the Tribunal found that the assessee fulfilled conditions for penalty immunity under Section 271AAA as they declared income during the search, paid taxes, and cooperated with proceedings, leading to the deletion of the penalty. en-us Fri, 26 Jun 2015 00:00:00 +0530 Wed, 01 Jul 2015 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261160 The Tribunal dismissed all appeals filed by the Revenue, upholding the CIT(A)'s decisions to delete penalties under Sections 271(1)(c) and 271AAA. It ruled that the income declared by the directors belonged to the companies, not the directors, hence penalty under Section 271(1)(c) was not justified. Additionally, the Tribunal found that the assessee fulfilled conditions for penalty immunity under Section 271AAA as they declared income during the search, paid taxes, and cooperated with proceedings, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261160