https://www.taxtmi.com/caselaws?id=333914 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA of the Income Tax Act for the assessment year 2009-10. It was found that the assessee had complied with the conditions specified under Section 271AAA(2), and the Assessing Officer's penalty order lacked specific reasons and specificity. The Tribunal emphasized that substantial compliance with declaring and paying tax sufficed for immunity from penalty, dismissing the revenue's appeal and affirming the assessee's compliance with the statutory provisions. en-us Wed, 05 Oct 2016 00:00:00 +0530 Tue, 25 Oct 2016 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333914 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA of the Income Tax Act for the assessment year 2009-10. It was found that the assessee had complied with the conditions specified under Section 271AAA(2), and the Assessing Officer's penalty order lacked specific reasons and specificity. The Tribunal emphasized that substantial compliance with declaring and paying tax sufficed for immunity from penalty, dismissing the revenue's appeal and affirming the assessee's compliance with the statutory provisions. Case-Laws Income Tax Wed, 05 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333914