https://www.taxtmi.com/caselaws?id=394112 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal and upheld the deletion of the penalty under section 271AAA of the Income Tax Act, 1961. The Tribunal found that the assessee had fulfilled all mandatory conditions for the deletion of the penalty, as the surrendered amount was admitted in a statement recorded under section 132(4) and taxes were duly paid. The Tribunal concluded that the disclosed income was earned from business transactions outside the books of accounts and that the assessee had adequately explained the source of the additional income. The decision was rendered on 08.01.2020. en-us Wed, 08 Jan 2020 00:00:00 +0530 Wed, 01 Apr 2020 15:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394112 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal and upheld the deletion of the penalty under section 271AAA of the Income Tax Act, 1961. The Tribunal found that the assessee had fulfilled all mandatory conditions for the deletion of the penalty, as the surrendered amount was admitted in a statement recorded under section 132(4) and taxes were duly paid. The Tribunal concluded that the disclosed income was earned from business transactions outside the books of accounts and that the assessee had adequately explained the source of the additional income. The decision was rendered on 08.01.2020. Case-Laws Income Tax Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394112