https://www.taxtmi.com/caselaws?id=385718 The court dismissed the Revenue's appeal and allowed the assessee's appeal in cases involving the validity of penalty under section 271AAA of the Income Tax Act, 1961. The penalty was deemed unjustified as the disclosed income was substantiated, taxes were paid, and surrendered amounts lacking evidence of undisclosed income were not subject to penalty. The Tribunal held that penalties were not warranted in these circumstances. en-us Tue, 30 Apr 2019 00:00:00 +0530 Thu, 12 Sep 2019 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385718 The court dismissed the Revenue's appeal and allowed the assessee's appeal in cases involving the validity of penalty under section 271AAA of the Income Tax Act, 1961. The penalty was deemed unjustified as the disclosed income was substantiated, taxes were paid, and surrendered amounts lacking evidence of undisclosed income were not subject to penalty. The Tribunal held that penalties were not warranted in these circumstances. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385718