https://www.taxtmi.com/caselaws?id=459297 ITAT Delhi dismissed Revenue's appeal against penalty deletion u/s 271AAA(2). Assessee surrendered additional income based on loose papers found during search operations, which Revenue accepted. However, AO imposed penalty without establishing non-compliance with section 271AAA(2) conditions or raising specific queries during statement recording u/s 132(4). Following precedents including Crossings Infrastructure P. Ltd. and Brij Bhushan Singhal, ITAT held penalty unjustified as AO failed to demonstrate how statutory conditions weren't met. Assessee's surrender was made conditionally without penal consequences to avoid litigation, supporting penalty deletion. en-us Tue, 03 Apr 2018 00:00:00 +0530 Sat, 07 Dec 2024 19:39:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459297 ITAT Delhi dismissed Revenue's appeal against penalty deletion u/s 271AAA(2). Assessee surrendered additional income based on loose papers found during search operations, which Revenue accepted. However, AO imposed penalty without establishing non-compliance with section 271AAA(2) conditions or raising specific queries during statement recording u/s 132(4). Following precedents including Crossings Infrastructure P. Ltd. and Brij Bhushan Singhal, ITAT held penalty unjustified as AO failed to demonstrate how statutory conditions weren't met. Assessee's surrender was made conditionally without penal consequences to avoid litigation, supporting penalty deletion. Case-Laws Income Tax Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459297