https://www.taxtmi.com/caselaws?id=281091 The Tribunal quashed the penalties imposed under section 271AAA for AY 2012-13 and section 271(1)(c) for AY 2007-08. The penalties were found to be unjust as the income disclosed voluntarily was not attributable to the relevant assessment years, and there was a discrepancy in the legal grounds for initiating and imposing penalties. The assessees' appeals were successful, and the penalties were directed to be deleted due to the lack of proper application of the law by the AO. en-us Wed, 03 May 2017 00:00:00 +0530 Mon, 03 Jun 2019 20:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281091 The Tribunal quashed the penalties imposed under section 271AAA for AY 2012-13 and section 271(1)(c) for AY 2007-08. The penalties were found to be unjust as the income disclosed voluntarily was not attributable to the relevant assessment years, and there was a discrepancy in the legal grounds for initiating and imposing penalties. The assessees' appeals were successful, and the penalties were directed to be deleted due to the lack of proper application of the law by the AO. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281091