https://www.taxtmi.com/caselaws?id=278265 The Appellate Tribunal upheld the deletion of a penalty of Rs. 46,00,000 under section 271AAA of the Income-tax Act, 1961 for Assessment Year 2009-2010. The Tribunal found that the assessee had disclosed the undisclosed income and explained the modus of earning it, leading to the penalty being correctly deleted by the CIT(A). The Tribunal emphasized that there is no prescribed method in the Act to indicate the manner in which income was generated, and since the assessee had disclosed the entire undisclosed income, the penalty was not applicable. The revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Wed, 07 May 2014 00:00:00 +0530 Tue, 18 Apr 2023 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278265 The Appellate Tribunal upheld the deletion of a penalty of Rs. 46,00,000 under section 271AAA of the Income-tax Act, 1961 for Assessment Year 2009-2010. The Tribunal found that the assessee had disclosed the undisclosed income and explained the modus of earning it, leading to the penalty being correctly deleted by the CIT(A). The Tribunal emphasized that there is no prescribed method in the Act to indicate the manner in which income was generated, and since the assessee had disclosed the entire undisclosed income, the penalty was not applicable. The revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 07 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278265