https://www.taxtmi.com/caselaws?id=217836 The Tribunal deleted the penalty imposed under Section 271(AAA) of the Income Tax Act, 1961, as the failure to specify the manner in which income was derived during the search and seizure operation did not warrant the penalty. Citing relevant case laws and emphasizing the need for proper explanation of provisions during statement recording, the Tribunal concluded that substantial compliance with tax payment suffices. The penalty was deleted in line with a Co-ordinate bench order, and the appeal of the assessee was allowed. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 23 Oct 2012 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217836 The Tribunal deleted the penalty imposed under Section 271(AAA) of the Income Tax Act, 1961, as the failure to specify the manner in which income was derived during the search and seizure operation did not warrant the penalty. Citing relevant case laws and emphasizing the need for proper explanation of provisions during statement recording, the Tribunal concluded that substantial compliance with tax payment suffices. The penalty was deleted in line with a Co-ordinate bench order, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217836