https://www.taxtmi.com/caselaws?id=370659 The Tribunal upheld the deletion of penalties under section 271(1)(c) where penalty under section 271AAA had been levied for the same undisclosed income. Additionally, penalties under section 271AAA were confirmed as the assessees failed to meet the conditions under section 271AAA(2). The Tribunal clarified that protective additions accepted by the assessees transformed into substantive additions, justifying the penalties imposed. The assessees were found to have not complied with the requirements of section 271AAA(2), leading to the affirmation of penalties under section 271AAA(1) by the Tribunal. All appeals were dismissed, emphasizing strict adherence to statutory provisions regarding undisclosed income penalties. en-us Fri, 16 Nov 2018 00:00:00 +0530 Tue, 20 Nov 2018 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370659 The Tribunal upheld the deletion of penalties under section 271(1)(c) where penalty under section 271AAA had been levied for the same undisclosed income. Additionally, penalties under section 271AAA were confirmed as the assessees failed to meet the conditions under section 271AAA(2). The Tribunal clarified that protective additions accepted by the assessees transformed into substantive additions, justifying the penalties imposed. The assessees were found to have not complied with the requirements of section 271AAA(2), leading to the affirmation of penalties under section 271AAA(1) by the Tribunal. All appeals were dismissed, emphasizing strict adherence to statutory provisions regarding undisclosed income penalties. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370659