https://www.taxtmi.com/caselaws?id=395074 The Tribunal ruled in favor of the assessee, invalidating the penalty order under section 271(1)(c) for the assessment year 2008-09 due to procedural flaws in the notice. Additionally, the penalty under section 271AAA for the assessment year 2009-10 was deleted based on precedent where similar penalties were overturned. The Tribunal emphasized that since the undisclosed income was declared and assessed by the Assessing Officer, penalties were not justified. Consequently, the penalties under sections 271(1)(c) and 271AAA were deleted for both assessment years. en-us Fri, 28 Feb 2020 00:00:00 +0530 Mon, 04 May 2020 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395074 The Tribunal ruled in favor of the assessee, invalidating the penalty order under section 271(1)(c) for the assessment year 2008-09 due to procedural flaws in the notice. Additionally, the penalty under section 271AAA for the assessment year 2009-10 was deleted based on precedent where similar penalties were overturned. The Tribunal emphasized that since the undisclosed income was declared and assessed by the Assessing Officer, penalties were not justified. Consequently, the penalties under sections 271(1)(c) and 271AAA were deleted for both assessment years. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395074