https://www.taxtmi.com/caselaws?id=423722 The Tribunal allowed the appeal, deleting the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2012-13. The penalty related to undisclosed cash found during a search was overturned due to the assessee's voluntary disclosure and tax payment, despite lack of explicit details on the cash's origin. The Tribunal considered the compassionate circumstances, including the assessee's demise and representation by a legal heir, and emphasized the lack of specific questioning during the statement recording. Consequently, the penalty was deemed inapplicable, leading to its deletion. en-us Fri, 10 Jun 2022 00:00:00 +0530 Mon, 13 Jun 2022 14:08:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423722 The Tribunal allowed the appeal, deleting the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2012-13. The penalty related to undisclosed cash found during a search was overturned due to the assessee's voluntary disclosure and tax payment, despite lack of explicit details on the cash's origin. The Tribunal considered the compassionate circumstances, including the assessee's demise and representation by a legal heir, and emphasized the lack of specific questioning during the statement recording. Consequently, the penalty was deemed inapplicable, leading to its deletion. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423722