https://www.taxtmi.com/caselaws?id=427391 The Tribunal upheld the deletion of the penalty under section 271AAB, emphasizing the necessity of a search for penalty invocation. It differentiated between sections 153A and 153C, stating that the penalty under section 271AAB applies only when a search is conducted. The Tribunal criticized the Revenue for imposing the penalty without considering the assessed income of the assessee, solely relying on the statement of a searched person. Consequently, the Tribunal dismissed the Revenue's appeal, highlighting the importance of correctly assessing income and following procedural requirements. en-us Thu, 04 Aug 2022 00:00:00 +0530 Thu, 08 Sep 2022 07:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427391 The Tribunal upheld the deletion of the penalty under section 271AAB, emphasizing the necessity of a search for penalty invocation. It differentiated between sections 153A and 153C, stating that the penalty under section 271AAB applies only when a search is conducted. The Tribunal criticized the Revenue for imposing the penalty without considering the assessed income of the assessee, solely relying on the statement of a searched person. Consequently, the Tribunal dismissed the Revenue's appeal, highlighting the importance of correctly assessing income and following procedural requirements. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427391