https://www.taxtmi.com/caselaws?id=177301 The Tribunal upheld the deletion of the penalty of Rs. 5,00,000 under Section 271AAA, as the assessee fulfilled all conditions for exemption. The revenue's appeal was dismissed, confirming that the assessee had admitted undisclosed income, specified its derivation, paid the tax with interest, and met the necessary requirements. The CIT(A)'s decision to delete the penalty was maintained, and the penalty was not imposed on the assessee. en-us Fri, 04 May 2012 00:00:00 +0530 Wed, 21 Jun 2017 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177301 The Tribunal upheld the deletion of the penalty of Rs. 5,00,000 under Section 271AAA, as the assessee fulfilled all conditions for exemption. The revenue's appeal was dismissed, confirming that the assessee had admitted undisclosed income, specified its derivation, paid the tax with interest, and met the necessary requirements. The CIT(A)'s decision to delete the penalty was maintained, and the penalty was not imposed on the assessee. Case-Laws Income Tax Fri, 04 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177301