https://www.taxtmi.com/caselaws?id=397090 The Tribunal allowed the appeals of the assessee, setting aside the penalty levied under Section 271AAB of the Income Tax Act. The decision was based on the absence of incriminating materials found during the search, emphasizing that penalties under this section should be supported by actual evidence of undisclosed income. The Tribunal highlighted the discretionary nature of penalty imposition under Section 271AAB and directed the Assessing Officer to delete the penalty, noting similar outcomes in related cases within the same group. en-us Mon, 01 Jun 2020 00:00:00 +0530 Mon, 03 Aug 2020 14:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397090 The Tribunal allowed the appeals of the assessee, setting aside the penalty levied under Section 271AAB of the Income Tax Act. The decision was based on the absence of incriminating materials found during the search, emphasizing that penalties under this section should be supported by actual evidence of undisclosed income. The Tribunal highlighted the discretionary nature of penalty imposition under Section 271AAB and directed the Assessing Officer to delete the penalty, noting similar outcomes in related cases within the same group. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397090