https://www.taxtmi.com/caselaws?id=179911 The Tribunal found that the assessee met the conditions for exemption from penalty under Section 271AAA of the Income Tax Act, 1961. It concluded that the penalty imposed by the Assistant Commissioner of Income Tax and upheld by the CIT(A) was not justified, as the undisclosed income was accepted, and due taxes were paid. The Tribunal directed the AO to delete the penalty of Rs. 12,50,00,000/-, allowing the appeal in favor of the assessee. en-us Mon, 24 Jun 2013 00:00:00 +0530 Fri, 24 Aug 2018 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179911 The Tribunal found that the assessee met the conditions for exemption from penalty under Section 271AAA of the Income Tax Act, 1961. It concluded that the penalty imposed by the Assistant Commissioner of Income Tax and upheld by the CIT(A) was not justified, as the undisclosed income was accepted, and due taxes were paid. The Tribunal directed the AO to delete the penalty of Rs. 12,50,00,000/-, allowing the appeal in favor of the assessee. Case-Laws Income Tax Mon, 24 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179911