https://www.taxtmi.com/caselaws?id=281658 The tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 271AAB of the Income Tax Act, 1961. It emphasized the discretionary nature of penalty imposition, requiring the Assessing Officer to consider relevant factors and corroborating evidence before levying a penalty. The tribunal found that the penalty could not be imposed solely based on the assessee's statement without supporting evidence. Consequently, the appeal filed by the Revenue was dismissed. en-us Thu, 28 Feb 2019 00:00:00 +0530 Sat, 29 Jun 2019 05:41:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281658 The tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 271AAB of the Income Tax Act, 1961. It emphasized the discretionary nature of penalty imposition, requiring the Assessing Officer to consider relevant factors and corroborating evidence before levying a penalty. The tribunal found that the penalty could not be imposed solely based on the assessee's statement without supporting evidence. Consequently, the appeal filed by the Revenue was dismissed. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281658