https://www.taxtmi.com/caselaws?id=369625 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271AAA of the Income-tax Act was not justified. The additional income declared by the assessee was not considered "undisclosed income" as it was offered due to stock valuation and not based on any seized document or unaccounted stock found during the search. Therefore, the conditions for immunity from penalty under section 271AAA were not met, leading to the directive to delete the penalty imposed by the Assessing Officer. en-us Thu, 25 Oct 2018 00:00:00 +0530 Wed, 31 Oct 2018 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369625 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271AAA of the Income-tax Act was not justified. The additional income declared by the assessee was not considered "undisclosed income" as it was offered due to stock valuation and not based on any seized document or unaccounted stock found during the search. Therefore, the conditions for immunity from penalty under section 271AAA were not met, leading to the directive to delete the penalty imposed by the Assessing Officer. Case-Laws Income Tax Thu, 25 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369625