https://www.taxtmi.com/caselaws?id=285249 The Tribunal upheld the decision of the CIT (A) and dismissed the appeal by the Revenue regarding the levyability of penalty under section 271AAA of the Income Tax Act. It was concluded that the penalty proceedings were erroneously initiated as the assessee was not covered under section 132 but under section 133A of the Act. The Tribunal emphasized that section 271AAA could only be invoked for assesses searched under section 132, leading to the deletion of the penalty and stating it should have been initiated under section 271(1)(c) of the Act. en-us Wed, 16 Dec 2015 00:00:00 +0530 Sun, 05 Jan 2020 09:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285249 The Tribunal upheld the decision of the CIT (A) and dismissed the appeal by the Revenue regarding the levyability of penalty under section 271AAA of the Income Tax Act. It was concluded that the penalty proceedings were erroneously initiated as the assessee was not covered under section 132 but under section 133A of the Act. The Tribunal emphasized that section 271AAA could only be invoked for assesses searched under section 132, leading to the deletion of the penalty and stating it should have been initiated under section 271(1)(c) of the Act. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285249