Assessees' Challenge to Penalty Notices Dismissed; 10% Penalty u/s 271AAB Deemed Valid and Justified.

Assessees' Challenge to Penalty Notices Dismissed; 10% Penalty u/s 271AAB Deemed Valid and Justified. https://www.taxtmi.com/highlights?id=74146 Penalty u/s. 271AAB - The assessees’ sole substantive grievance appears to be that the AO’s corresponding show cause notices dated 29.12.2017 (supra) had not been validly issued. We find no merit in the assessees’ stand once it has come on record that the impugned penalty has been levied @ 10% since falling in the first and foremost limb u/sec. 271AAB(1)(a)(i) to (iii) of the Act in the specified circumstances. - AT en-us Sat, 13 Jan 2024 13:21:51 +0530 Sun, 14 Jan 2024 16:59:44 +0530 TaxTMI RSS Generator Assessees' Challenge to Penalty Notices Dismissed; 10% Penalty u/s 271AAB Deemed Valid and Justified. https://www.taxtmi.com/highlights?id=74146 Penalty u/s. 271AAB - The assessees’ sole substantive grievance appears to be that the AO’s corresponding show cause notices dated 29.12.2017 (supra) had not been validly issued. We find no merit in the assessees’ stand once it has come on record that the impugned penalty has been levied @ 10% since falling in the first and foremost limb u/sec. 271AAB(1)(a)(i) to (iii) of the Act in the specified circumstances. - AT Highlights Income Tax Sat, 13 Jan 2024 13:21:51 +0530 https://www.taxtmi.com/highlights?id=74146