https://www.taxtmi.com/caselaws?id=278280 The ITAT, Jodhpur Bench, upheld the decision of the CIT(A) to delete the penalty under section 271AAA of the Income Tax Act for A.Y. 2010-11. The penalty was imposed on the assessee for failure to specify the manner in which undisclosed income was derived during a search. The Tribunal considered previous decisions and found that the penalty was related to the surrendered amount during the search, which the assessee rectified in subsequent investigations. Citing similar cases, the ITAT ruled that the assessee met the conditions of section 271AAA and dismissed the revenue's appeal, affirming the CIT(A)'s decision. en-us Mon, 09 Jun 2014 00:00:00 +0530 Wed, 23 Jan 2019 07:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278280 The ITAT, Jodhpur Bench, upheld the decision of the CIT(A) to delete the penalty under section 271AAA of the Income Tax Act for A.Y. 2010-11. The penalty was imposed on the assessee for failure to specify the manner in which undisclosed income was derived during a search. The Tribunal considered previous decisions and found that the penalty was related to the surrendered amount during the search, which the assessee rectified in subsequent investigations. Citing similar cases, the ITAT ruled that the assessee met the conditions of section 271AAA and dismissed the revenue's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278280