https://www.taxtmi.com/caselaws?id=335019 The Tribunal allowed the appeal, deleting the penalty of Rs. 27,19,188 imposed under section 271AAA of the Income Tax Act, 1961. The assessee's compliance with conditions under section 271AAA(2), admission of undisclosed income, explanation for income derivation, and payment of taxes led to the exemption from penalty. The Tribunal emphasized substantial compliance with disclosure requirements, supported by relevant judicial precedents, including decisions from coordinate benches. en-us Tue, 09 Aug 2016 00:00:00 +0530 Fri, 25 Nov 2016 09:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335019 The Tribunal allowed the appeal, deleting the penalty of Rs. 27,19,188 imposed under section 271AAA of the Income Tax Act, 1961. The assessee's compliance with conditions under section 271AAA(2), admission of undisclosed income, explanation for income derivation, and payment of taxes led to the exemption from penalty. The Tribunal emphasized substantial compliance with disclosure requirements, supported by relevant judicial precedents, including decisions from coordinate benches. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335019