https://www.taxtmi.com/caselaws?id=279247 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty of Rs. 1,50,00,000 under section 271AAA of the Income Tax Act, 1961 for the Assessment Year 2011-12. The Commissioner of Income Tax (Appeals) had deleted the penalty after finding that the assessee demonstrated the manner of earning the undisclosed income, fulfilling the conditions under section 271AAA(2). The Tribunal upheld the decision to delete the penalty, concluding that the undisclosed income was earned through on-money payments in a building project, and the manner of earning was disclosed. en-us Mon, 10 Apr 2017 00:00:00 +0530 Sat, 09 Mar 2019 07:01:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279247 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty of Rs. 1,50,00,000 under section 271AAA of the Income Tax Act, 1961 for the Assessment Year 2011-12. The Commissioner of Income Tax (Appeals) had deleted the penalty after finding that the assessee demonstrated the manner of earning the undisclosed income, fulfilling the conditions under section 271AAA(2). The Tribunal upheld the decision to delete the penalty, concluding that the undisclosed income was earned through on-money payments in a building project, and the manner of earning was disclosed. Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279247