https://www.taxtmi.com/caselaws?id=344455 The Tribunal allowed the appeal, setting aside the penalty of &8377;41.20 lacs imposed under Section 271AAA of the Income Tax Act for the assessment year 2010-11. The Tribunal found that the assessee fulfilled all conditions for immunity from penalty, including payment of taxes and interest, despite no specific questioning during the search regarding income derivation. Relying on legal precedents and a Supreme Court ruling, the Tribunal concluded that the penalty should be deleted, ultimately ruling in favor of the assessee. en-us Mon, 05 Jun 2017 00:00:00 +0530 Sat, 17 Jun 2017 11:07:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344455 The Tribunal allowed the appeal, setting aside the penalty of &8377;41.20 lacs imposed under Section 271AAA of the Income Tax Act for the assessment year 2010-11. The Tribunal found that the assessee fulfilled all conditions for immunity from penalty, including payment of taxes and interest, despite no specific questioning during the search regarding income derivation. Relying on legal precedents and a Supreme Court ruling, the Tribunal concluded that the penalty should be deleted, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344455