https://www.taxtmi.com/caselaws?id=402940 The Tribunal allowed the appeals for Assessment Years 2011-12 and 2012-13, deleting the penalty under section 271AAA of the Income Tax Act. The penalty was overturned due to a defective notice and the assessee's eligibility for immunity based on the withdrawal of excess depreciation claim during assessment proceedings post a search operation. The Tribunal found the penalty proceedings void ab initio, as the notice did not specify the charge under section 271AAA. The assessee's admission of undisclosed income, payment of tax and interest, and lack of tax liability on the withdrawn claim supported the decision to grant relief from the penalty. en-us Wed, 13 Jan 2021 00:00:00 +0530 Fri, 15 Jan 2021 11:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402940 The Tribunal allowed the appeals for Assessment Years 2011-12 and 2012-13, deleting the penalty under section 271AAA of the Income Tax Act. The penalty was overturned due to a defective notice and the assessee's eligibility for immunity based on the withdrawal of excess depreciation claim during assessment proceedings post a search operation. The Tribunal found the penalty proceedings void ab initio, as the notice did not specify the charge under section 271AAA. The assessee's admission of undisclosed income, payment of tax and interest, and lack of tax liability on the withdrawn claim supported the decision to grant relief from the penalty. Case-Laws Income Tax Wed, 13 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402940