https://www.taxtmi.com/caselaws?id=417788 The Tribunal overturned the penalty imposed under section 271AAA of the Income Tax Act for the Assessment Year 2012-13. The Assessee's argument that the addition pertained to other receipts, not unexplained cash, was accepted. The Tribunal emphasized that the authorized officer must fully explain the provisions to the Assessee during recording of statements to sustain the penalty. Consequently, the penalty imposed by the AO and confirmed by the CIT(A) was deleted, allowing the Assessee's appeal. en-us Thu, 27 Jan 2022 00:00:00 +0530 Tue, 01 Feb 2022 08:31:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417788 The Tribunal overturned the penalty imposed under section 271AAA of the Income Tax Act for the Assessment Year 2012-13. The Assessee's argument that the addition pertained to other receipts, not unexplained cash, was accepted. The Tribunal emphasized that the authorized officer must fully explain the provisions to the Assessee during recording of statements to sustain the penalty. Consequently, the penalty imposed by the AO and confirmed by the CIT(A) was deleted, allowing the Assessee's appeal. Case-Laws Income Tax Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417788