https://www.taxtmi.com/caselaws?id=266332 The ITAT upheld the CIT (A)'s decision to delete the penalty imposed under section 271AAA by the assessing officer. The firm admitted and specified the undisclosed income, substantiated its derivation, and paid taxes and interest on the income. The ITAT found no new evidence presented by the Revenue to challenge the CIT (A)'s findings, emphasizing the importance of meeting the statutory conditions for imposing penalties related to undisclosed income. en-us Wed, 10 Jun 2015 00:00:00 +0530 Mon, 19 Oct 2015 20:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266332 The ITAT upheld the CIT (A)'s decision to delete the penalty imposed under section 271AAA by the assessing officer. The firm admitted and specified the undisclosed income, substantiated its derivation, and paid taxes and interest on the income. The ITAT found no new evidence presented by the Revenue to challenge the CIT (A)'s findings, emphasizing the importance of meeting the statutory conditions for imposing penalties related to undisclosed income. Case-Laws Income Tax Wed, 10 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266332