https://www.taxtmi.com/caselaws?id=284654 The Tribunal dismissed the revenue's appeal against the deletion of penalty under section 271AAB by the Ld. CIT(A). The assessee's cross objection challenging the penalty initiation without a search under section 132 was allowed. The Tribunal emphasized the requirement of a search initiation for penalty under section 271AAB, which was absent in this case. As no search under section 132 was conducted, the penalty initiation was deemed unjustified, leading to the dismissal of the revenue's appeal and allowing the assessee's cross objection. en-us Wed, 28 Nov 2018 00:00:00 +0530 Mon, 02 Dec 2019 11:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284654 The Tribunal dismissed the revenue's appeal against the deletion of penalty under section 271AAB by the Ld. CIT(A). The assessee's cross objection challenging the penalty initiation without a search under section 132 was allowed. The Tribunal emphasized the requirement of a search initiation for penalty under section 271AAB, which was absent in this case. As no search under section 132 was conducted, the penalty initiation was deemed unjustified, leading to the dismissal of the revenue's appeal and allowing the assessee's cross objection. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284654