https://www.taxtmi.com/caselaws?id=394834 The Tribunal concluded that the penalty imposed under Section 271AAB was not justified as there was no incriminating material found during the search indicating undisclosed income. The Tribunal directed the AO to delete the penalty, aligning with the Co-ordinate Bench's decision in a similar case. As a result, the appeal filed by the Assessee was allowed, and the penalty imposed and confirmed by the lower authorities was deleted. en-us Tue, 18 Feb 2020 00:00:00 +0530 Mon, 27 Apr 2020 08:49:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394834 The Tribunal concluded that the penalty imposed under Section 271AAB was not justified as there was no incriminating material found during the search indicating undisclosed income. The Tribunal directed the AO to delete the penalty, aligning with the Co-ordinate Bench's decision in a similar case. As a result, the appeal filed by the Assessee was allowed, and the penalty imposed and confirmed by the lower authorities was deleted. Case-Laws Income Tax Tue, 18 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394834