https://www.taxtmi.com/caselaws?id=376065 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under section 271AAA of the Income Tax Act, 1961. The appellant, a Director in a group with undisclosed cash seized during a search, added the amount to income in the return filed. The ITAT determined that the conditions of section 271AAA were not met as the amount was added to income without further inquiry by the AO. Previous judgments supported the appellant's position, leading to the revocation of the penalty. en-us Wed, 27 Feb 2019 00:00:00 +0530 Sat, 02 Mar 2019 13:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376065 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed under section 271AAA of the Income Tax Act, 1961. The appellant, a Director in a group with undisclosed cash seized during a search, added the amount to income in the return filed. The ITAT determined that the conditions of section 271AAA were not met as the amount was added to income without further inquiry by the AO. Previous judgments supported the appellant's position, leading to the revocation of the penalty. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376065