https://www.taxtmi.com/caselaws?id=410742 The Tribunal allowed the appeal filed by the assessee, overturning the dropping of penalty proceedings by the Assessing Officer under section 271AAB. The Tribunal held that penalty under section 271AAB cannot be imposed without a search, as per legal precedents and statutory provisions. The revision order directing reconsideration of the penalty was quashed, emphasizing that penalty under section 271AAB applies only to searched persons. en-us Mon, 19 Apr 2021 00:00:00 +0530 Sat, 07 Aug 2021 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410742 The Tribunal allowed the appeal filed by the assessee, overturning the dropping of penalty proceedings by the Assessing Officer under section 271AAB. The Tribunal held that penalty under section 271AAB cannot be imposed without a search, as per legal precedents and statutory provisions. The revision order directing reconsideration of the penalty was quashed, emphasizing that penalty under section 271AAB applies only to searched persons. Case-Laws Income Tax Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410742