https://www.taxtmi.com/caselaws?id=347179 The Tribunal allowed the appeal, emphasizing the inapplicability of the penalty under section 271(1)(c) of the Income Tax Act, 1961, and directed the cancellation of the penalty imposed by the Assessing Officer. The Tribunal held that the penalty should have been levied under section 271AAA instead, considering the search date falling within the applicable period. The decision was based on the substantial relief granted by the CIT(A) in the quantum proceedings, leading to the conclusion that the penalty proceedings' basis was nonexistent. en-us Wed, 12 Jul 2017 00:00:00 +0530 Wed, 30 Aug 2017 16:49:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347179 The Tribunal allowed the appeal, emphasizing the inapplicability of the penalty under section 271(1)(c) of the Income Tax Act, 1961, and directed the cancellation of the penalty imposed by the Assessing Officer. The Tribunal held that the penalty should have been levied under section 271AAA instead, considering the search date falling within the applicable period. The decision was based on the substantial relief granted by the CIT(A) in the quantum proceedings, leading to the conclusion that the penalty proceedings' basis was nonexistent. Case-Laws Income Tax Wed, 12 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347179