https://www.taxtmi.com/caselaws?id=188854 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty under section 271AAA of the Income Tax Act, finding that the appellant met the conditions for immunity from penalty as the manner of earning the surrendered income was specified and substantiated. The Tribunal concluded that since the surrendered income did not relate to any undisclosed assets or documents found during the search, no penalty should be levied. As a result, the appeals filed by the Revenue were dismissed, affirming the deletion of the penalty. en-us Wed, 18 Nov 2015 00:00:00 +0530 Sat, 17 Dec 2016 18:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188854 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty under section 271AAA of the Income Tax Act, finding that the appellant met the conditions for immunity from penalty as the manner of earning the surrendered income was specified and substantiated. The Tribunal concluded that since the surrendered income did not relate to any undisclosed assets or documents found during the search, no penalty should be levied. As a result, the appeals filed by the Revenue were dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188854