https://www.taxtmi.com/caselaws?id=371812 The Tribunal upheld the Assessing Officer's decision to impose a penalty of Rs. 39,45,000/- at a rate of 30% under Section 271AAB(1)(c) of the Income Tax Act, 1961. The Tribunal rejected the CIT(A)'s reduction of the penalty to 10% under Section 271AAB(1)(a), emphasizing that the statutory provisions did not allow for discretion in penalty rates. The assessee's arguments were dismissed, and the original penalty amount was reinstated, ruling in favor of the Revenue. The final order was issued on December 7, 2018. en-us Fri, 07 Dec 2018 00:00:00 +0530 Mon, 08 Aug 2022 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371812 The Tribunal upheld the Assessing Officer's decision to impose a penalty of Rs. 39,45,000/- at a rate of 30% under Section 271AAB(1)(c) of the Income Tax Act, 1961. The Tribunal rejected the CIT(A)'s reduction of the penalty to 10% under Section 271AAB(1)(a), emphasizing that the statutory provisions did not allow for discretion in penalty rates. The assessee's arguments were dismissed, and the original penalty amount was reinstated, ruling in favor of the Revenue. The final order was issued on December 7, 2018. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371812