https://www.taxtmi.com/caselaws?id=193621 The ITAT upheld the deletion of the penalty under section 271AAA for undisclosed income. The Department's appeal against the CIT (A)'s order was dismissed as the Department failed to raise specific queries regarding the derivation of the undisclosed income, which was admitted by the assessee, substantiated, and taxed. The ITAT found the penalty imposition unjustified since the offered income was accepted without dispute, leading to the decision in favor of the assessee. en-us Fri, 28 Oct 2016 00:00:00 +0530 Fri, 24 Aug 2018 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193621 The ITAT upheld the deletion of the penalty under section 271AAA for undisclosed income. The Department's appeal against the CIT (A)'s order was dismissed as the Department failed to raise specific queries regarding the derivation of the undisclosed income, which was admitted by the assessee, substantiated, and taxed. The ITAT found the penalty imposition unjustified since the offered income was accepted without dispute, leading to the decision in favor of the assessee. Case-Laws Income Tax Fri, 28 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193621