https://www.taxtmi.com/caselaws?id=278385 The Appellate Tribunal ITAT Delhi allowed the appeals, holding that the penalty under section 271AAA of the Income Tax Act, 1961 cannot be sustained as the surrendered income was disclosed in the return and taxes were paid accordingly, without further inquiry into its source. The Tribunal emphasized that when an assessee follows these steps, the penalty under section 271AAA is not justified. en-us Mon, 09 Oct 2017 00:00:00 +0530 Wed, 30 Jan 2019 06:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278385 The Appellate Tribunal ITAT Delhi allowed the appeals, holding that the penalty under section 271AAA of the Income Tax Act, 1961 cannot be sustained as the surrendered income was disclosed in the return and taxes were paid accordingly, without further inquiry into its source. The Tribunal emphasized that when an assessee follows these steps, the penalty under section 271AAA is not justified. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278385