https://www.taxtmi.com/caselaws?id=191595 The ITAT upheld the CIT(Appeals) decision to delete the penalty imposed under section 271AAA of the Income Tax Act. The appellant had disclosed the undisclosed income, paid due taxes, and substantiated the manner in which the income was derived, meeting the conditions for exemption from penalty. As the undisclosed income was offered under section 132(4) of the IT Act and all requirements were fulfilled, the penalty was deemed unjustified and deleted. The Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Thu, 05 May 2016 00:00:00 +0530 Sat, 08 Apr 2017 09:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191595 The ITAT upheld the CIT(Appeals) decision to delete the penalty imposed under section 271AAA of the Income Tax Act. The appellant had disclosed the undisclosed income, paid due taxes, and substantiated the manner in which the income was derived, meeting the conditions for exemption from penalty. As the undisclosed income was offered under section 132(4) of the IT Act and all requirements were fulfilled, the penalty was deemed unjustified and deleted. The Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Thu, 05 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191595