https://www.taxtmi.com/caselaws?id=280808 The Tribunal concluded that the penalty imposed under Section 271AAB of the Income Tax Act was not justifiable as no incriminating material was found during the search, and the additional income declared was on an ad-hoc basis. The penalty of Rs. 7,55,539/- was deleted, and the appeals were allowed. The Tribunal emphasized that the imposition of penalties should be based on proper application of mind and reference to tangible material, rather than being an automatic consequence. en-us Thu, 15 Nov 2018 00:00:00 +0530 Wed, 22 May 2019 06:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280808 The Tribunal concluded that the penalty imposed under Section 271AAB of the Income Tax Act was not justifiable as no incriminating material was found during the search, and the additional income declared was on an ad-hoc basis. The penalty of Rs. 7,55,539/- was deleted, and the appeals were allowed. The Tribunal emphasized that the imposition of penalties should be based on proper application of mind and reference to tangible material, rather than being an automatic consequence. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280808