https://www.taxtmi.com/caselaws?id=427353 The Tribunal admitted additional grounds raised by the assessee, following a Supreme Court decision. The assessee, engaged in real estate and leasing quarries, faced penalty proceedings under section 271AAA for concealing income. The Tribunal found that penalties were unjust as the undisclosed income was admitted, taxes paid, and criteria not met for penalty imposition. The penalties for both assessment years were deleted, with the appeal allowed on 30th August 2022. en-us Tue, 30 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 06:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427353 The Tribunal admitted additional grounds raised by the assessee, following a Supreme Court decision. The assessee, engaged in real estate and leasing quarries, faced penalty proceedings under section 271AAA for concealing income. The Tribunal found that penalties were unjust as the undisclosed income was admitted, taxes paid, and criteria not met for penalty imposition. The penalties for both assessment years were deleted, with the appeal allowed on 30th August 2022. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427353