https://www.taxtmi.com/caselaws?id=390326 The Tribunal allowed the assessee's appeals, obliterating the penalty imposed by the Assessing Officer. The penalty under Section 271(1)(c) was upheld based on seized material and the retrospective applicability of Explanation 5A. However, the penalty order was deemed invalid due to procedural lapses in the notice issued. The additional grounds related to Section 271AAA were not admitted as they were not applicable to the assessment years in question. en-us Tue, 24 Dec 2019 00:00:00 +0530 Sun, 29 Dec 2019 10:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390326 The Tribunal allowed the assessee's appeals, obliterating the penalty imposed by the Assessing Officer. The penalty under Section 271(1)(c) was upheld based on seized material and the retrospective applicability of Explanation 5A. However, the penalty order was deemed invalid due to procedural lapses in the notice issued. The additional grounds related to Section 271AAA were not admitted as they were not applicable to the assessment years in question. Case-Laws Income Tax Tue, 24 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390326