https://www.taxtmi.com/caselaws?id=331841 The Tribunal upheld the deletion of a penalty under section 271AAA of the Income Tax Act, 1961. The case involved the disclosure of undisclosed income during a search and seizure operation. The CIT(A) found that the assessee had fulfilled the conditions for immunity from penalty by disclosing the manner of earning the income and substantiating it. The Tribunal agreed with the CIT(A)'s decision, emphasizing that the taxes were paid and the income was accepted during assessment. The Revenue's appeal was dismissed, and the penalty deletion was upheld. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 03 Sep 2016 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331841 The Tribunal upheld the deletion of a penalty under section 271AAA of the Income Tax Act, 1961. The case involved the disclosure of undisclosed income during a search and seizure operation. The CIT(A) found that the assessee had fulfilled the conditions for immunity from penalty by disclosing the manner of earning the income and substantiating it. The Tribunal agreed with the CIT(A)'s decision, emphasizing that the taxes were paid and the income was accepted during assessment. The Revenue's appeal was dismissed, and the penalty deletion was upheld. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331841