https://www.taxtmi.com/caselaws?id=436715 The Tribunal dismissed the Revenue's appeals for AY 2014-15, AY 2015-16, and AY 2016-17, upholding the CIT(A)'s deletion of penalties under Sections 271(1)(c) and 271AAB(1)(a) of the Income Tax Act. The penalties were deleted due to the absence of incriminating material found during the search, voluntary income disclosures by the assessee, and the discretionary nature of imposing penalties judicially. The Tribunal referenced similar cases and emphasized that penalties should not be imposed without incriminating material. en-us Thu, 13 Apr 2023 00:00:00 +0530 Tue, 18 Apr 2023 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436715 The Tribunal dismissed the Revenue's appeals for AY 2014-15, AY 2015-16, and AY 2016-17, upholding the CIT(A)'s deletion of penalties under Sections 271(1)(c) and 271AAB(1)(a) of the Income Tax Act. The penalties were deleted due to the absence of incriminating material found during the search, voluntary income disclosures by the assessee, and the discretionary nature of imposing penalties judicially. The Tribunal referenced similar cases and emphasized that penalties should not be imposed without incriminating material. Case-Laws Income Tax Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436715