https://www.taxtmi.com/caselaws?id=334929 The Tribunal ruled in favor of the appellant, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was not legally sustainable. The undisclosed income fell within the scope of section 271AAA, necessitating a specific penalty regime. As the penalty should have been levied under section 271AAA and not under section 271(1)(c), the penalty of &8377;12,24,600 was deemed inappropriate and deleted. The Tribunal emphasized the importance of addressing all relevant legal issues and adhering to the specific penalty provisions applicable in such cases. en-us Thu, 19 May 2016 00:00:00 +0530 Wed, 23 Nov 2016 14:54:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334929 The Tribunal ruled in favor of the appellant, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was not legally sustainable. The undisclosed income fell within the scope of section 271AAA, necessitating a specific penalty regime. As the penalty should have been levied under section 271AAA and not under section 271(1)(c), the penalty of &8377;12,24,600 was deemed inappropriate and deleted. The Tribunal emphasized the importance of addressing all relevant legal issues and adhering to the specific penalty provisions applicable in such cases. Case-Laws Income Tax Thu, 19 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334929