https://www.taxtmi.com/caselaws?id=424272 The Tribunal allowed the appeals filed by the assessees, deleting the penalties levied under Section 271AAB of the Income Tax Act, 1961. The Tribunal held that the minor discrepancy in the jewellery found could not attract a penalty, and concluded that the penalty provisions under Section 271AAB are discretionary, not mandatory. The penalties levied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) were deleted. en-us Wed, 22 Jun 2022 00:00:00 +0530 Sat, 25 Jun 2022 09:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424272 The Tribunal allowed the appeals filed by the assessees, deleting the penalties levied under Section 271AAB of the Income Tax Act, 1961. The Tribunal held that the minor discrepancy in the jewellery found could not attract a penalty, and concluded that the penalty provisions under Section 271AAB are discretionary, not mandatory. The penalties levied by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) were deleted. Case-Laws Income Tax Wed, 22 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424272