https://www.taxtmi.com/caselaws?id=270512 The ITAT upheld the CIT(A)'s decision to delete Section 271AAA penalties in cases where assessees declared undisclosed income during a search action, fulfilling conditions under Section 271AAA(2) of the Income Tax Act. The CIT(A) found the undisclosed income fell within the statutory definition and that assessees had sufficiently disclosed the manner of deriving income. High Court precedents emphasized substantial compliance if income is declared and tax paid, even without explicit details on income derivation. The ITAT ruled in favor of assessees, citing lack of evidence to challenge lower appellate findings and affirming deletion of penalties. en-us Fri, 06 Nov 2015 00:00:00 +0530 Fri, 08 Jan 2016 08:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270512 The ITAT upheld the CIT(A)'s decision to delete Section 271AAA penalties in cases where assessees declared undisclosed income during a search action, fulfilling conditions under Section 271AAA(2) of the Income Tax Act. The CIT(A) found the undisclosed income fell within the statutory definition and that assessees had sufficiently disclosed the manner of deriving income. High Court precedents emphasized substantial compliance if income is declared and tax paid, even without explicit details on income derivation. The ITAT ruled in favor of assessees, citing lack of evidence to challenge lower appellate findings and affirming deletion of penalties. Case-Laws Income Tax Fri, 06 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270512