https://www.taxtmi.com/caselaws?id=336707 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 11,93,110 imposed under section 271AAA. The ITAT found that the assessee met the conditions for immunity by admitting undisclosed income, explaining its derivation, and paying taxes. Additionally, the penalty for unexplained investment in furniture and fixtures was deemed unjustified as the estimated addition lacked proper valuation and the assessee had disclosed significant investments. The Revenue's appeal was dismissed. en-us Mon, 26 Sep 2016 00:00:00 +0530 Tue, 27 Dec 2016 19:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336707 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 11,93,110 imposed under section 271AAA. The ITAT found that the assessee met the conditions for immunity by admitting undisclosed income, explaining its derivation, and paying taxes. Additionally, the penalty for unexplained investment in furniture and fixtures was deemed unjustified as the estimated addition lacked proper valuation and the assessee had disclosed significant investments. The Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336707