https://www.taxtmi.com/caselaws?id=360589 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty under section 271AAA of the Income Tax Act. It was held that the assessee fulfilled the conditions specified in the section to avoid the penalty, emphasizing the importance of the Assessing Officer directing the assessee to disclose and substantiate undisclosed income. The Tribunal noted that as similar penalties in other cases were deleted and the AO did not direct the assessee during the search, no penalty was warranted. en-us Thu, 17 May 2018 00:00:00 +0530 Sat, 19 May 2018 13:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360589 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty under section 271AAA of the Income Tax Act. It was held that the assessee fulfilled the conditions specified in the section to avoid the penalty, emphasizing the importance of the Assessing Officer directing the assessee to disclose and substantiate undisclosed income. The Tribunal noted that as similar penalties in other cases were deleted and the AO did not direct the assessee during the search, no penalty was warranted. Case-Laws Income Tax Thu, 17 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360589