https://www.taxtmi.com/caselaws?id=192164 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under section 271AAA. The Tribunal held that the assessee had satisfied the conditions under section 271AAA(2) by disclosing the income as "business income," paying taxes on it, and the Assessing Officer accepting it as such. The Tribunal emphasized that the requirement of specifying the manner in which the income was derived is satisfied if the authorized officer does not ask specific questions during the statement recorded under section 132(4). en-us Fri, 07 Aug 2015 00:00:00 +0530 Thu, 18 May 2017 07:26:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192164 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under section 271AAA. The Tribunal held that the assessee had satisfied the conditions under section 271AAA(2) by disclosing the income as "business income," paying taxes on it, and the Assessing Officer accepting it as such. The Tribunal emphasized that the requirement of specifying the manner in which the income was derived is satisfied if the authorized officer does not ask specific questions during the statement recorded under section 132(4). Case-Laws Income Tax Fri, 07 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192164