https://www.taxtmi.com/caselaws?id=281799 The ITAT upheld the deletion of penalties imposed on the assessee under section 271AAB(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 32,48,000 out of the total penalty of Rs. 49,13,280 was deleted as the assessee had valid reasons for the delay in filing the return and had paid taxes before the specified date. Additionally, the penalty imposed on undisclosed jewellery investment was also deleted as it was deemed a case of difference of opinion rather than undisclosed income. The appeal of the Revenue was dismissed, and the Cross Objection of the assessee was allowed. en-us Wed, 20 Sep 2017 00:00:00 +0530 Sun, 07 Jul 2019 09:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281799 The ITAT upheld the deletion of penalties imposed on the assessee under section 271AAB(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 32,48,000 out of the total penalty of Rs. 49,13,280 was deleted as the assessee had valid reasons for the delay in filing the return and had paid taxes before the specified date. Additionally, the penalty imposed on undisclosed jewellery investment was also deleted as it was deemed a case of difference of opinion rather than undisclosed income. The appeal of the Revenue was dismissed, and the Cross Objection of the assessee was allowed. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281799