https://www.taxtmi.com/caselaws?id=376188 The tribunal dismissed the Revenue's appeals and the first and third assessees' cross objections as infructuous. The second assessee's cross objection challenging the sustained penalty of Rs. 17 lakh was also dismissed. The tribunal confirmed that the penalty under Section 271AAB applies only in cases involving corresponding material indicating undisclosed income, rather than automatically following a search. en-us Wed, 27 Feb 2019 00:00:00 +0530 Tue, 05 Mar 2019 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376188 The tribunal dismissed the Revenue's appeals and the first and third assessees' cross objections as infructuous. The second assessee's cross objection challenging the sustained penalty of Rs. 17 lakh was also dismissed. The tribunal confirmed that the penalty under Section 271AAB applies only in cases involving corresponding material indicating undisclosed income, rather than automatically following a search. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376188