https://www.taxtmi.com/caselaws?id=432775 The Tribunal partially allowed the appeal regarding the interest under Section 234B and fully allowed the appeal regarding the penalty under Section 271AAB. The Tribunal found that the seized amount should have been adjusted against the tax demand, leading to the deletion of the interest charged under Section 234B. Additionally, as the income was offered for taxation before the search operation, the Tribunal deemed the penalty under Section 271AAB unjustified and directed the AO to delete the penalty. en-us Wed, 11 Jan 2023 00:00:00 +0530 Thu, 12 Jan 2023 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432775 The Tribunal partially allowed the appeal regarding the interest under Section 234B and fully allowed the appeal regarding the penalty under Section 271AAB. The Tribunal found that the seized amount should have been adjusted against the tax demand, leading to the deletion of the interest charged under Section 234B. Additionally, as the income was offered for taxation before the search operation, the Tribunal deemed the penalty under Section 271AAB unjustified and directed the AO to delete the penalty. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432775