https://www.taxtmi.com/caselaws?id=370132 The Tribunal upheld the cancellation of penalties imposed under section 271AAB of the Income Tax Act for assessment years 2012-13 & 2013-14. It was determined that since no search was conducted under section 132, the assessee was not eligible for penalty under section 271AAB. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to cancel the penalties due to the inapplicability of section 271AAB without a search under section 132. en-us Thu, 01 Nov 2018 00:00:00 +0530 Thu, 08 Nov 2018 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370132 The Tribunal upheld the cancellation of penalties imposed under section 271AAB of the Income Tax Act for assessment years 2012-13 & 2013-14. It was determined that since no search was conducted under section 132, the assessee was not eligible for penalty under section 271AAB. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to cancel the penalties due to the inapplicability of section 271AAB without a search under section 132. Case-Laws Income Tax Thu, 01 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370132