Income Tax Act | No Penalty Under S.271AAA If Undisclosed Income Is Admitted, Explained & Tax Paid Even With Delay : Supreme Court

The Supreme Court held that no penalty under Section 271AAA of the Income Tax Act can be levied if undisclosed income is admitted, explained, and tax is paid, even with delay. This clarifies the circumstances under which penalties for undisclosed income can be waived. It provides guidance to taxpayers and tax authorities.