https://www.taxtmi.com/caselaws?id=280549 The ITAT held that the penalty under Section 271AAA was not applicable as the surrendered income, including cash, was disclosed, included in returns, and accepted by the Revenue. The penalty on the surrendered cash was deleted, following the principle that no penalty is leviable if income is disclosed during a search, included in returns, and accepted by the Revenue, even if the manner of earning income is not specified. The appeals were allowed, and the penalty on the surrendered cash was directed to be deleted. en-us Mon, 15 Oct 2018 00:00:00 +0530 Fri, 10 May 2019 07:50:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280549 The ITAT held that the penalty under Section 271AAA was not applicable as the surrendered income, including cash, was disclosed, included in returns, and accepted by the Revenue. The penalty on the surrendered cash was deleted, following the principle that no penalty is leviable if income is disclosed during a search, included in returns, and accepted by the Revenue, even if the manner of earning income is not specified. The appeals were allowed, and the penalty on the surrendered cash was directed to be deleted. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280549