https://www.taxtmi.com/caselaws?id=342937 The Tribunal invalidated penalty proceedings under section 271AAB due to procedural flaws, lack of satisfaction recording, natural justice violation, and inadequate notice. Consequently, the imposed penalty of Rs. 40,00,000 was quashed, and the appeals were allowed. The order was pronounced on January 30, 2017, in favor of the assessees. en-us Mon, 30 Jan 2017 00:00:00 +0530 Mon, 15 May 2017 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342937 The Tribunal invalidated penalty proceedings under section 271AAB due to procedural flaws, lack of satisfaction recording, natural justice violation, and inadequate notice. Consequently, the imposed penalty of Rs. 40,00,000 was quashed, and the appeals were allowed. The order was pronounced on January 30, 2017, in favor of the assessees. Case-Laws Income Tax Mon, 30 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342937