https://www.taxtmi.com/caselaws?id=400310 The tribunal upheld the CIT(A)'s decision that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 was invalid in a case involving search and seizure operations. The penalty was deemed inapplicable as the case fell under section 271AAB, which overrides section 271(1)(c) in such instances. The tribunal directed the Assessing Officer to delete the penalty of Rs. 1,12,05,200, emphasizing the overriding effect of the specific provision of section 271AAB. en-us Tue, 01 Sep 2020 00:00:00 +0530 Tue, 03 Nov 2020 12:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400310 The tribunal upheld the CIT(A)'s decision that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 was invalid in a case involving search and seizure operations. The penalty was deemed inapplicable as the case fell under section 271AAB, which overrides section 271(1)(c) in such instances. The tribunal directed the Assessing Officer to delete the penalty of Rs. 1,12,05,200, emphasizing the overriding effect of the specific provision of section 271AAB. Case-Laws Income Tax Tue, 01 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400310