https://www.taxtmi.com/caselaws?id=410234 The Tribunal allowed the assessee's appeal, setting aside the penalty order under Section 271AAA. The Tribunal emphasized that the penalty was not justified as the undisclosed jewellery had been declared in the return of income for a previous assessment year, and there was no evidence to support the penalty imposition. The Tribunal highlighted that penalty provisions should be strictly interpreted and directed the AO to delete the penalty, considering the earlier decision in the quantum appeal. en-us Mon, 28 Jun 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410234 The Tribunal allowed the assessee's appeal, setting aside the penalty order under Section 271AAA. The Tribunal emphasized that the penalty was not justified as the undisclosed jewellery had been declared in the return of income for a previous assessment year, and there was no evidence to support the penalty imposition. The Tribunal highlighted that penalty provisions should be strictly interpreted and directed the AO to delete the penalty, considering the earlier decision in the quantum appeal. Case-Laws Income Tax Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410234