https://www.taxtmi.com/caselaws?id=285349 The Tribunal partially allowed the appeal, ruling in favor of the assessee and reducing the penalty to 10% of the undisclosed income surrendered during a search action. The Tribunal held that the assessee had complied with the requirements of the Income Tax Act regarding disclosure and payment of taxes, categorizing the case under section 271AAB(1) instead of section 271AAB(3). This decision clarified the application of the relevant provisions and highlighted the significance of timely disclosure and tax payment to avoid higher penalties. en-us Thu, 20 Dec 2018 00:00:00 +0530 Thu, 09 Jan 2020 09:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285349 The Tribunal partially allowed the appeal, ruling in favor of the assessee and reducing the penalty to 10% of the undisclosed income surrendered during a search action. The Tribunal held that the assessee had complied with the requirements of the Income Tax Act regarding disclosure and payment of taxes, categorizing the case under section 271AAB(1) instead of section 271AAB(3). This decision clarified the application of the relevant provisions and highlighted the significance of timely disclosure and tax payment to avoid higher penalties. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285349