https://www.taxtmi.com/caselaws?id=275524 The Tribunal allowed the appeal filed by the assessee against the penalty imposed under section 271AAA of the Income Tax Act. It held that the assessee had voluntarily disclosed the undisclosed income, fulfilled the conditions for immunity from penalty, and that without specific queries regarding the manner of deriving undisclosed income, the penalty should not have been imposed. The Tribunal directed the Assessing Officer to delete the penalty, emphasizing the significance of specific queries and compliance with statutory requirements in penalty proceedings related to undisclosed income during search actions. en-us Tue, 13 Feb 2018 00:00:00 +0530 Sat, 06 Oct 2018 09:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275524 The Tribunal allowed the appeal filed by the assessee against the penalty imposed under section 271AAA of the Income Tax Act. It held that the assessee had voluntarily disclosed the undisclosed income, fulfilled the conditions for immunity from penalty, and that without specific queries regarding the manner of deriving undisclosed income, the penalty should not have been imposed. The Tribunal directed the Assessing Officer to delete the penalty, emphasizing the significance of specific queries and compliance with statutory requirements in penalty proceedings related to undisclosed income during search actions. Case-Laws Income Tax Tue, 13 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275524