https://www.taxtmi.com/caselaws?id=368006 The Tribunal upheld the Commissioner (Appeals)'s decision to delete a penalty of Rs. 74,00,477 imposed under section 271AAA of the Income Tax Act, 1961, for the assessment year 2008-09. The Tribunal ruled that since no search and seizure operation was conducted in the assessee's case, the penalty proceedings under section 271AAA were invalid as the statutory condition was not met. The Tribunal emphasized the necessity of fulfilling the statutory requirements for imposing penalties under section 271AAA and dismissed the Revenue's appeal, affirming the deletion of the penalty. en-us Fri, 31 Aug 2018 00:00:00 +0530 Sat, 29 Sep 2018 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368006 The Tribunal upheld the Commissioner (Appeals)'s decision to delete a penalty of Rs. 74,00,477 imposed under section 271AAA of the Income Tax Act, 1961, for the assessment year 2008-09. The Tribunal ruled that since no search and seizure operation was conducted in the assessee's case, the penalty proceedings under section 271AAA were invalid as the statutory condition was not met. The Tribunal emphasized the necessity of fulfilling the statutory requirements for imposing penalties under section 271AAA and dismissed the Revenue's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368006