https://www.taxtmi.com/caselaws?id=381468 The Tribunal allowed the appeal, finding the penalty imposed under Section 271AAB of the Income Tax Act unsustainable. The cash purchases for raw material declared during the search were deemed not undisclosed income, as there was no stock discrepancy. The penalty was deleted as it was considered illegal, unjustified, and arbitrary. The Tribunal also noted the invalidity of penalty proceedings initiated by the Assessing Officer due to the lack of specificity in the show cause notice. en-us Mon, 10 Jun 2019 00:00:00 +0530 Tue, 11 Jun 2019 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381468 The Tribunal allowed the appeal, finding the penalty imposed under Section 271AAB of the Income Tax Act unsustainable. The cash purchases for raw material declared during the search were deemed not undisclosed income, as there was no stock discrepancy. The penalty was deleted as it was considered illegal, unjustified, and arbitrary. The Tribunal also noted the invalidity of penalty proceedings initiated by the Assessing Officer due to the lack of specificity in the show cause notice. Case-Laws Income Tax Mon, 10 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381468