https://www.taxtmi.com/caselaws?id=177322 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s orders deleting the penalties. It found that the assessee had fulfilled the conditions of Section 271AAA(2) by disclosing the income during the search, paying taxes, and specifying the manner of earning the income. The Tribunal determined that the disclosed income did not meet the definition of "undisclosed income" under Section 271AAA, leading to the non-applicability of the penalty. The Tribunal emphasized that the Revenue had not requested the manner of earning the income during the search and applied consistent treatment to the entire surrendered amount. en-us Thu, 27 Mar 2014 00:00:00 +0530 Mon, 08 Aug 2022 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177322 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s orders deleting the penalties. It found that the assessee had fulfilled the conditions of Section 271AAA(2) by disclosing the income during the search, paying taxes, and specifying the manner of earning the income. The Tribunal determined that the disclosed income did not meet the definition of "undisclosed income" under Section 271AAA, leading to the non-applicability of the penalty. The Tribunal emphasized that the Revenue had not requested the manner of earning the income during the search and applied consistent treatment to the entire surrendered amount. Case-Laws Income Tax Thu, 27 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177322