https://www.taxtmi.com/caselaws?id=179063 The tribunal ruled in favor of the assessee, holding that the penalty of Rs. 80 lacs under Section 271AAA was unjustified. The assessee had disclosed the undisclosed income as business income, paid the taxes, and met the requirements under sub-section (2) of Section 271AAA. The tribunal directed the deletion of the penalty, overturning the decision of the lower authorities. en-us Thu, 08 Aug 2013 00:00:00 +0530 Fri, 03 Mar 2023 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179063 The tribunal ruled in favor of the assessee, holding that the penalty of Rs. 80 lacs under Section 271AAA was unjustified. The assessee had disclosed the undisclosed income as business income, paid the taxes, and met the requirements under sub-section (2) of Section 271AAA. The tribunal directed the deletion of the penalty, overturning the decision of the lower authorities. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179063