https://www.taxtmi.com/caselaws?id=178846 The Tribunal confirmed the CIT(A)'s decision to delete penalties under Sec 271AAA, as the undisclosed income was associated with assets found during the search, meeting the criteria for penalty immunity upon admission and tax payment. The Tribunal emphasized the need to disclose the manner of earning undisclosed income, not just quantify it, and upheld the decision based on lack of contrary evidence from the Revenue. The appeals were dismissed, and the CIT(A)'s order was upheld, resulting in the dismissal of all Revenue appeals. en-us Thu, 27 Mar 2014 00:00:00 +0530 Mon, 15 Feb 2016 10:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178846 The Tribunal confirmed the CIT(A)'s decision to delete penalties under Sec 271AAA, as the undisclosed income was associated with assets found during the search, meeting the criteria for penalty immunity upon admission and tax payment. The Tribunal emphasized the need to disclose the manner of earning undisclosed income, not just quantify it, and upheld the decision based on lack of contrary evidence from the Revenue. The appeals were dismissed, and the CIT(A)'s order was upheld, resulting in the dismissal of all Revenue appeals. Case-Laws Income Tax Thu, 27 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178846