Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
The ITAT dismissed the revenue's appeal and affirmed deletion of penalty under s. 271AAB as levied against the assessee. The tribunal upheld the CIT(A)'s factual finding that no search under s. 132 was conducted in the assessee's case; the impugned section predicates penalty liability on initiation of a search. Although the assessee purportedly disclosed the mode of earning the undisclosed income, he had not paid tax for the specified period, but that procedural deficiency does not engage s. 271AAB absent a search. Revenue failed to rebut the finding of no search; accordingly the penalty under s. 271AAB was not sustainable and the appeal was dismissed.
The ITAT dismissed the revenue's appeal and affirmed deletion of penalty under s. 271AAB as levied against the assessee. The tribunal upheld the CIT(A)'s factual finding that no search under s. 132 was conducted in the assessee's case; the impugned section predicates penalty liability on initiation of a search. Although the assessee purportedly disclosed the mode of earning the undisclosed income, he had not paid tax for the specified period, but that procedural deficiency does not engage s. 271AAB absent a search. Revenue failed to rebut the finding of no search; accordingly the penalty under s. 271AAB was not sustainable and the appeal was dismissed.
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