https://www.taxtmi.com/caselaws?id=430519 The tribunal upheld the penalty imposed under section 271AAA of the Income Tax Act, 1961, against the assessee for undisclosed income following a search operation. Despite the appellant's arguments of voluntary disclosure post-search, the tribunal deemed the disclosure as a consequence of the search, not voluntary, and emphasized the mandatory nature of the penalty provision. The tribunal affirmed that the appellant failed to meet the strict requirements for immunity from penalty under section 271AAA, ultimately dismissing the appeal and supporting the penalty imposition. en-us Fri, 18 Nov 2022 00:00:00 +0530 Mon, 21 Nov 2022 05:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430519 The tribunal upheld the penalty imposed under section 271AAA of the Income Tax Act, 1961, against the assessee for undisclosed income following a search operation. Despite the appellant's arguments of voluntary disclosure post-search, the tribunal deemed the disclosure as a consequence of the search, not voluntary, and emphasized the mandatory nature of the penalty provision. The tribunal affirmed that the appellant failed to meet the strict requirements for immunity from penalty under section 271AAA, ultimately dismissing the appeal and supporting the penalty imposition. Case-Laws Income Tax Fri, 18 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430519