https://www.taxtmi.com/caselaws?id=334864 The Tribunal overturned the penalty imposed under section 271AAA of the IT Act by the Assessing Officer, ruling in favor of the assessee. The Tribunal found that the cash surrendered during the search was adequately explained and accepted by the AO, leading to the deletion of the penalty. Citing principles from various High Court decisions and previous Tribunal rulings, the Tribunal held that the penalty lacked merit and directed the AO to delete it, ultimately allowing the appeal of the assessee. en-us Wed, 02 Nov 2016 00:00:00 +0530 Tue, 22 Nov 2016 15:37:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334864 The Tribunal overturned the penalty imposed under section 271AAA of the IT Act by the Assessing Officer, ruling in favor of the assessee. The Tribunal found that the cash surrendered during the search was adequately explained and accepted by the AO, leading to the deletion of the penalty. Citing principles from various High Court decisions and previous Tribunal rulings, the Tribunal held that the penalty lacked merit and directed the AO to delete it, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Wed, 02 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334864