https://www.taxtmi.com/caselaws?id=365839 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA of the Income Tax Act. The Tribunal emphasized that the assessee had substantially complied with the requirements of Section 271AAA(2) by declaring the income and paying taxes, despite not providing detailed specifics on the manner of earning the income. The Tribunal ruled that the authorized officer's failure to inquire about the income's source absolved the assessee from penalty, affirming the principle that the onus to seek clarification rests with the tax authorities. en-us Thu, 09 Aug 2018 00:00:00 +0530 Fri, 24 Aug 2018 02:13:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365839 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA of the Income Tax Act. The Tribunal emphasized that the assessee had substantially complied with the requirements of Section 271AAA(2) by declaring the income and paying taxes, despite not providing detailed specifics on the manner of earning the income. The Tribunal ruled that the authorized officer's failure to inquire about the income's source absolved the assessee from penalty, affirming the principle that the onus to seek clarification rests with the tax authorities. Case-Laws Income Tax Thu, 09 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365839