https://www.taxtmi.com/caselaws?id=420434 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) misapplied Section 271AAB, which only applies to cases with a search initiated under Section 132. As the cash was requisitioned under Section 132A, Section 271AAB was inapplicable. The Pr. CIT lacked the authority to direct penalty proceedings under Section 271AAB in a Section 263 revision. Consequently, the Tribunal set aside the Pr. CIT's order and reinstated the Assessing Officer's original order under Section 153A read with Section 143(3), ruling in favor of the assessee. en-us Wed, 30 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 08:35:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420434 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) misapplied Section 271AAB, which only applies to cases with a search initiated under Section 132. As the cash was requisitioned under Section 132A, Section 271AAB was inapplicable. The Pr. CIT lacked the authority to direct penalty proceedings under Section 271AAB in a Section 263 revision. Consequently, the Tribunal set aside the Pr. CIT's order and reinstated the Assessing Officer's original order under Section 153A read with Section 143(3), ruling in favor of the assessee. Case-Laws Income Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420434