https://www.taxtmi.com/caselaws?id=350634 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under Section 271AAA. The decision was based on the detailed analysis of the surrender, assessment, and disclosure of income, as well as legal provisions and precedents cited in the case. The ITAT found that the penalty imposition was not justified as the manner of earning the surrendered income was disclosed by the assessee, leading to the reversal of the CIT(A)'s decision and ruling in favor of the appellant. en-us Tue, 07 Nov 2017 00:00:00 +0530 Wed, 08 Nov 2017 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350634 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under Section 271AAA. The decision was based on the detailed analysis of the surrender, assessment, and disclosure of income, as well as legal provisions and precedents cited in the case. The ITAT found that the penalty imposition was not justified as the manner of earning the surrendered income was disclosed by the assessee, leading to the reversal of the CIT(A)'s decision and ruling in favor of the appellant. Case-Laws Income Tax Tue, 07 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350634