https://www.taxtmi.com/caselaws?id=332382 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under Section 271AAA of the Income Tax Act, amounting to Rs. 5,804,925. The Tribunal found that the assessee had fulfilled all conditions for immunity from penalty, including surrendering undisclosed income and paying taxes, despite the lack of specific queries by the Authorized Officer regarding the manner of derivation. The Tribunal concluded that the Assessing Officer was unjustified in imposing the penalty and directed its deletion. en-us Fri, 05 Aug 2016 00:00:00 +0530 Fri, 16 Sep 2016 11:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332382 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under Section 271AAA of the Income Tax Act, amounting to Rs. 5,804,925. The Tribunal found that the assessee had fulfilled all conditions for immunity from penalty, including surrendering undisclosed income and paying taxes, despite the lack of specific queries by the Authorized Officer regarding the manner of derivation. The Tribunal concluded that the Assessing Officer was unjustified in imposing the penalty and directed its deletion. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332382