https://www.taxtmi.com/caselaws?id=380010 The Tribunal allowed the appeal filed by the assessee, deleting the penalty imposed under Section 271AAA of the Income Tax Act. It held that the assessee had met all conditions for immunity from penalty as the income was disclosed during the search, included in the return, and taxes were paid. The Tribunal found that the CIT(A) wrongly segregated the cash portion of the surrender and upheld the penalty without basis, ultimately concluding that there was no justification for penalizing the cash and jewelry portions of the surrendered income. en-us Mon, 06 May 2019 00:00:00 +0530 Fri, 10 May 2019 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380010 The Tribunal allowed the appeal filed by the assessee, deleting the penalty imposed under Section 271AAA of the Income Tax Act. It held that the assessee had met all conditions for immunity from penalty as the income was disclosed during the search, included in the return, and taxes were paid. The Tribunal found that the CIT(A) wrongly segregated the cash portion of the surrender and upheld the penalty without basis, ultimately concluding that there was no justification for penalizing the cash and jewelry portions of the surrendered income. Case-Laws Income Tax Mon, 06 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380010