https://www.taxtmi.com/caselaws?id=188336 The Tribunal upheld the CIT (A) orders deleting penalties under section 271AAA for three appeals by the revenue. The Tribunal found that the assessee had fulfilled all conditions under section 271AAA(2), including admitting undisclosed income, specifying its derivation, substantiating it, and paying tax with interest. The AO's failure to correctly apply the provisions led to the deletion of the penalties. Consistency in decisions for multiple appeals was maintained, emphasizing adherence to specified conditions for penalty imposition and ensuring uniformity in legal application. en-us Wed, 20 Jul 2016 00:00:00 +0530 Fri, 25 Nov 2016 18:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188336 The Tribunal upheld the CIT (A) orders deleting penalties under section 271AAA for three appeals by the revenue. The Tribunal found that the assessee had fulfilled all conditions under section 271AAA(2), including admitting undisclosed income, specifying its derivation, substantiating it, and paying tax with interest. The AO's failure to correctly apply the provisions led to the deletion of the penalties. Consistency in decisions for multiple appeals was maintained, emphasizing adherence to specified conditions for penalty imposition and ensuring uniformity in legal application. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188336