https://www.taxtmi.com/caselaws?id=285280 The ITAT dismissed all appeals by the Revenue challenging the deletion of penalties under section 271(1)(c) by the CIT(A) for three assessees. The CIT(A) concluded that penalties were not justified as the assessees disclosed income, paid taxes, and explained sources. The ITAT noted the applicability of section 271AAA providing immunity under specific conditions, which the assessees met. The Revenue failed to establish the applicability of Explanation 5A to section 271(1)(c). Ultimately, the ITAT upheld the CIT(A)'s decision to delete the penalties, ruling in favor of the assessees. en-us Wed, 17 Jun 2015 00:00:00 +0530 Mon, 06 Jan 2020 20:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285280 The ITAT dismissed all appeals by the Revenue challenging the deletion of penalties under section 271(1)(c) by the CIT(A) for three assessees. The CIT(A) concluded that penalties were not justified as the assessees disclosed income, paid taxes, and explained sources. The ITAT noted the applicability of section 271AAA providing immunity under specific conditions, which the assessees met. The Revenue failed to establish the applicability of Explanation 5A to section 271(1)(c). Ultimately, the ITAT upheld the CIT(A)'s decision to delete the penalties, ruling in favor of the assessees. Case-Laws Income Tax Wed, 17 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285280