Dismissing the appeal of the revenue the Court held that the assessee explained the manner in which undisclosed income derived and paid the tax and interest. Deletion of penalty is held to be valid. (AY.2011-12)
PCIT v. Ravani Developers. (2019) 415 ITR 91 (Guj.)(HC)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007–Immunity from penalty—Explaining manner in which undisclosed income derived-Paying tax and interest–Deletion of penalty is held to be valid.[S. 132(4)]