https://www.taxtmi.com/caselaws?id=345661 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271AAA for Assessment Year 2010-11. The appellant's compliance with the exceptions in section 271AAA(2) was found satisfactory as the undisclosed income was admitted during the search, related to taxable business, supported by documents, and taxes were paid. The Revenue's appeal was dismissed as they did not challenge the substantiation of income derivation, indicating acceptance of compliance with section 271AAA(2)(ii). Explicit compliance with specified conditions under the Income Tax Act was emphasized to avoid penalties. en-us Thu, 18 May 2017 00:00:00 +0530 Mon, 24 Jul 2017 06:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345661 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271AAA for Assessment Year 2010-11. The appellant's compliance with the exceptions in section 271AAA(2) was found satisfactory as the undisclosed income was admitted during the search, related to taxable business, supported by documents, and taxes were paid. The Revenue's appeal was dismissed as they did not challenge the substantiation of income derivation, indicating acceptance of compliance with section 271AAA(2)(ii). Explicit compliance with specified conditions under the Income Tax Act was emphasized to avoid penalties. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345661