https://www.taxtmi.com/caselaws?id=275134 The Tribunal upheld the cancellation of penalty under section 271AAA of the Income Tax Act for the assessment year 2010-11. The revenue's appeal was dismissed as it was found that since the revenue did not inquire about the manner of earning income during the statement recorded, the penalty could not be justified. Both the Tribunal and the ld. CIT(A) emphasized that if no questions were asked during the statement recorded, the penalty could not be levied, in line with judicial precedents. The penalty was deleted, and the appeal of the revenue was dismissed. en-us Mon, 13 Jun 2016 00:00:00 +0530 Thu, 20 Sep 2018 06:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275134 The Tribunal upheld the cancellation of penalty under section 271AAA of the Income Tax Act for the assessment year 2010-11. The revenue's appeal was dismissed as it was found that since the revenue did not inquire about the manner of earning income during the statement recorded, the penalty could not be justified. Both the Tribunal and the ld. CIT(A) emphasized that if no questions were asked during the statement recorded, the penalty could not be levied, in line with judicial precedents. The penalty was deleted, and the appeal of the revenue was dismissed. Case-Laws Income Tax Mon, 13 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275134