https://www.taxtmi.com/caselaws?id=332652 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271AAA for undisclosed income derived from a compromise agreement. The Tribunal found the assessee fulfilled the conditions by admitting the income, specifying its source, and paying tax and interest. Emphasizing the need to substantiate undisclosed income, the Tribunal concluded the penalty was unwarranted, deleting it based on the assessee's compliance with the Act's requirements. en-us Wed, 10 Aug 2016 00:00:00 +0530 Thu, 22 Sep 2016 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332652 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271AAA for undisclosed income derived from a compromise agreement. The Tribunal found the assessee fulfilled the conditions by admitting the income, specifying its source, and paying tax and interest. Emphasizing the need to substantiate undisclosed income, the Tribunal concluded the penalty was unwarranted, deleting it based on the assessee's compliance with the Act's requirements. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332652