https://www.taxtmi.com/caselaws?id=345455 The ITAT upheld the appeal, setting aside the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2009-10. The ITAT ruled in favor of the assessee, annulling the penalty based on compliance with disclosure and tax payment, aligning with legal precedents emphasizing the importance of such compliance for penalty immunity. The decision canceled the penalties imposed by lower authorities, emphasizing the significance of disclosure and tax payment in penalty proceedings. en-us Fri, 18 Nov 2016 00:00:00 +0530 Tue, 18 Jul 2017 10:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345455 The ITAT upheld the appeal, setting aside the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2009-10. The ITAT ruled in favor of the assessee, annulling the penalty based on compliance with disclosure and tax payment, aligning with legal precedents emphasizing the importance of such compliance for penalty immunity. The decision canceled the penalties imposed by lower authorities, emphasizing the significance of disclosure and tax payment in penalty proceedings. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345455