https://www.taxtmi.com/caselaws?id=373519 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA. The Tribunal found that the assessee had fulfilled the conditions prescribed in the section by disclosing the undisclosed income source and explaining the valuation difference in stock during the search proceedings. The Tribunal concluded that the explanation provided was accepted by the Assessing Officer, leading to the dismissal of the Revenue's appeal against the deletion of the penalty. en-us Wed, 19 Dec 2018 00:00:00 +0530 Tue, 15 Jan 2019 12:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373519 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271AAA. The Tribunal found that the assessee had fulfilled the conditions prescribed in the section by disclosing the undisclosed income source and explaining the valuation difference in stock during the search proceedings. The Tribunal concluded that the explanation provided was accepted by the Assessing Officer, leading to the dismissal of the Revenue's appeal against the deletion of the penalty. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373519