https://www.taxtmi.com/caselaws?id=273106 The Tribunal upheld the CIT(A)'s decision to cancel a penalty of Rs. 16,00,000 imposed under section 271AAA of the Income Tax Act. The Revenue's appeal was dismissed as the CIT(A) correctly considered the disclosure and assessment of unaccounted business income, emphasizing that the penalty deletion was justified due to the assessee's disclosure and payment of taxes on the undisclosed income derived from trade advances. The Tribunal cited procedural lapses in the AO's actions and previous judicial decisions supporting penalty deletions in similar cases. en-us Tue, 21 Jun 2016 00:00:00 +0530 Wed, 06 Jun 2018 12:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273106 The Tribunal upheld the CIT(A)'s decision to cancel a penalty of Rs. 16,00,000 imposed under section 271AAA of the Income Tax Act. The Revenue's appeal was dismissed as the CIT(A) correctly considered the disclosure and assessment of unaccounted business income, emphasizing that the penalty deletion was justified due to the assessee's disclosure and payment of taxes on the undisclosed income derived from trade advances. The Tribunal cited procedural lapses in the AO's actions and previous judicial decisions supporting penalty deletions in similar cases. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273106