https://www.taxtmi.com/caselaws?id=282102 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271AAA of the Income Tax Act, 1961 for Assessment Year 2011-12. The Tribunal found that the appellant had fulfilled the conditions of the Act by offering total unaccounted income with clear evidence and explanations, and the Assessing officer had not followed the required procedure in asking for an explanation. Therefore, the penalty imposed by the Revenue was deemed unjustified, and the appeal was dismissed on October 29, 2018. en-us Mon, 29 Oct 2018 00:00:00 +0530 Mon, 22 Jul 2019 06:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282102 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271AAA of the Income Tax Act, 1961 for Assessment Year 2011-12. The Tribunal found that the appellant had fulfilled the conditions of the Act by offering total unaccounted income with clear evidence and explanations, and the Assessing officer had not followed the required procedure in asking for an explanation. Therefore, the penalty imposed by the Revenue was deemed unjustified, and the appeal was dismissed on October 29, 2018. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282102