https://www.taxtmi.com/caselaws?id=276816 The appellate tribunal upheld the decision of the Ld. CIT (A) to cancel the penalty imposed under section 271AAA of the Income Tax Act, as the assessee met the conditions for immunity by admitting undisclosed income, specifying its source, and paying the necessary taxes and interest. The tribunal found that the assessee had substantiated the manner in which the undisclosed income was derived, leading to the dismissal of the Revenue's appeal. The case emphasizes the significance of adhering to legal obligations to avoid penalties under the Income Tax Act. en-us Tue, 05 Sep 2017 00:00:00 +0530 Sun, 18 Nov 2018 07:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276816 The appellate tribunal upheld the decision of the Ld. CIT (A) to cancel the penalty imposed under section 271AAA of the Income Tax Act, as the assessee met the conditions for immunity by admitting undisclosed income, specifying its source, and paying the necessary taxes and interest. The tribunal found that the assessee had substantiated the manner in which the undisclosed income was derived, leading to the dismissal of the Revenue's appeal. The case emphasizes the significance of adhering to legal obligations to avoid penalties under the Income Tax Act. Case-Laws Income Tax Tue, 05 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276816