https://www.taxtmi.com/caselaws?id=379074 The tribunal dismissed all Revenue's appeals and assessees' cross objections, affirming the CIT(A)'s findings. Penalties not based on corroborative evidence were deleted, while those based on evidence found during the search were confirmed. The tribunal emphasized that penalties under Section 271AAB are not automatic and require specific evidence of undisclosed income. en-us Wed, 24 Apr 2019 00:00:00 +0530 Fri, 26 Apr 2019 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379074 The tribunal dismissed all Revenue's appeals and assessees' cross objections, affirming the CIT(A)'s findings. Penalties not based on corroborative evidence were deleted, while those based on evidence found during the search were confirmed. The tribunal emphasized that penalties under Section 271AAB are not automatic and require specific evidence of undisclosed income. Case-Laws Income Tax Wed, 24 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379074