https://www.taxtmi.com/caselaws?id=393139 The Tribunal held that initiating penalty under section 271(1)(c) and subsequently proceeding with penalty under section 271AAA was incorrect. They determined that penalties under these sections are mutually exclusive, and once penalty proceedings start under section 271(1)(c), imposing penalty under section 271AAA is impermissible. Consequently, the Tribunal set aside the penalties imposed under section 271AAA, ruling in favor of the assessees in both cases with identical facts. en-us Wed, 04 Mar 2020 00:00:00 +0530 Fri, 06 Mar 2020 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393139 The Tribunal held that initiating penalty under section 271(1)(c) and subsequently proceeding with penalty under section 271AAA was incorrect. They determined that penalties under these sections are mutually exclusive, and once penalty proceedings start under section 271(1)(c), imposing penalty under section 271AAA is impermissible. Consequently, the Tribunal set aside the penalties imposed under section 271AAA, ruling in favor of the assessees in both cases with identical facts. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393139