https://www.taxtmi.com/caselaws?id=395427 The Tribunal invalidated the penalty levied under Section 271(1)(b) for non-compliance with a notice under Section 142(1) regarding an alleged HSBC Geneva Switzerland bank account. It found that the assessee had not failed to comply as they denied the account's existence and had responded to the notice adequately. The Tribunal also ruled against the validity of search and seizure actions under Section 132(1) and subsequent proceedings under Section 153A due to lack of incriminating evidence. It emphasized the need for concrete evidence and restricted inquiry under Section 153A, ultimately setting aside all penalties imposed on the assessee. en-us Wed, 06 May 2020 00:00:00 +0530 Wed, 20 May 2020 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395427 The Tribunal invalidated the penalty levied under Section 271(1)(b) for non-compliance with a notice under Section 142(1) regarding an alleged HSBC Geneva Switzerland bank account. It found that the assessee had not failed to comply as they denied the account's existence and had responded to the notice adequately. The Tribunal also ruled against the validity of search and seizure actions under Section 132(1) and subsequent proceedings under Section 153A due to lack of incriminating evidence. It emphasized the need for concrete evidence and restricted inquiry under Section 153A, ultimately setting aside all penalties imposed on the assessee. Case-Laws Income Tax Wed, 06 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395427