https://www.taxtmi.com/caselaws?id=380965 The Tribunal set aside the CIT(A)'s decision to uphold a penalty of Rs. 2,50,000 under section 271 AAA for undisclosed income, ruling in favor of the assessee. The Tribunal found that taxes on the undisclosed income were paid before the due date, supported by Form No. 26AS, and accepted the substantiation of income. Emphasizing the importance of timely tax payment and substantiation of income, the Tribunal canceled the penalty, allowing the appeal and highlighting the necessity for tax authorities to consider all aspects of tax compliance before imposing penalties. en-us Wed, 29 May 2019 00:00:00 +0530 Fri, 31 May 2019 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380965 The Tribunal set aside the CIT(A)'s decision to uphold a penalty of Rs. 2,50,000 under section 271 AAA for undisclosed income, ruling in favor of the assessee. The Tribunal found that taxes on the undisclosed income were paid before the due date, supported by Form No. 26AS, and accepted the substantiation of income. Emphasizing the importance of timely tax payment and substantiation of income, the Tribunal canceled the penalty, allowing the appeal and highlighting the necessity for tax authorities to consider all aspects of tax compliance before imposing penalties. Case-Laws Income Tax Wed, 29 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380965