https://www.taxtmi.com/caselaws?id=758102 ITAT Ahmedabad upheld penalty under Section 271AAA for undisclosed land sale consideration based on seized documents from assessee's premises, as assessee failed to challenge the documents or provide alternative explanations. However, penalty on protective additions was deleted, citing precedents that penalty cannot be levied on uncertain additions made protectively. For Section 271(1)(c) penalties, the tribunal deleted penalty on property purchase additions lacking corroborative evidence beyond seized documents, but upheld penalties on unexplained bank deposits where assessee provided no explanation for excess cash deposits in abated assessment proceedings. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 06 Sep 2024 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758102 ITAT Ahmedabad upheld penalty under Section 271AAA for undisclosed land sale consideration based on seized documents from assessee's premises, as assessee failed to challenge the documents or provide alternative explanations. However, penalty on protective additions was deleted, citing precedents that penalty cannot be levied on uncertain additions made protectively. For Section 271(1)(c) penalties, the tribunal deleted penalty on property purchase additions lacking corroborative evidence beyond seized documents, but upheld penalties on unexplained bank deposits where assessee provided no explanation for excess cash deposits in abated assessment proceedings. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758102