https://www.taxtmi.com/caselaws?id=398025 The Tribunal found that the penalty imposed under section 271AAA was not sustainable due to defective notices that did not specify the charge against the appellant. The penalty of Rs. 6,25,000/- was quashed as the notices were vague and did not comply with legal requirements. Additionally, the levy of penalty was deemed unjustified as the additional income was declared, tax was paid, and specific questions regarding the manner of earning the income were not asked. Consequently, the penalty of Rs. 6,25,000/- under section 271AAA was deleted for both appellants. en-us Thu, 27 Aug 2020 00:00:00 +0530 Mon, 05 Oct 2020 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398025 The Tribunal found that the penalty imposed under section 271AAA was not sustainable due to defective notices that did not specify the charge against the appellant. The penalty of Rs. 6,25,000/- was quashed as the notices were vague and did not comply with legal requirements. Additionally, the levy of penalty was deemed unjustified as the additional income was declared, tax was paid, and specific questions regarding the manner of earning the income were not asked. Consequently, the penalty of Rs. 6,25,000/- under section 271AAA was deleted for both appellants. Case-Laws Income Tax Thu, 27 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398025