https://www.taxtmi.com/caselaws?id=336591 The Tribunal allowed the appeals filed by the assessee, directing the deletion of penalties imposed under section 271(1)(c). It was held that the penalty was not justified as no specific defect or incriminating material was found during the search, and the disclosure was voluntary. The Tribunal also ruled that penalties for searches conducted after 1.6.2007 should be levied under section 271AAA, not under section 271(1)(c). en-us Wed, 26 Oct 2016 00:00:00 +0530 Sat, 24 Dec 2016 07:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336591 The Tribunal allowed the appeals filed by the assessee, directing the deletion of penalties imposed under section 271(1)(c). It was held that the penalty was not justified as no specific defect or incriminating material was found during the search, and the disclosure was voluntary. The Tribunal also ruled that penalties for searches conducted after 1.6.2007 should be levied under section 271AAA, not under section 271(1)(c). Case-Laws Income Tax Wed, 26 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336591