https://www.taxtmi.com/highlights?id=81857 Penalty u/s 271AAB(1A)(b) was levied for suo moto disallowance of personal expenses u/s 37 by the assessee in the return filed in response to a notice u/s 153A. The assessee had made the disallowance in the search assessment completed u/s 153A, where no concealment was found. The issue of levying penalty u/s 271AAB in such circumstances is no longer res integra, following the Delhi High Court's decision in Neeraj Jindal. Accordingly, the penalty u/s 271AAB is deleted. en-us Tue, 01 Oct 2024 08:23:37 +0530 Tue, 01 Oct 2024 08:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81857 Penalty u/s 271AAB(1A)(b) was levied for suo moto disallowance of personal expenses u/s 37 by the assessee in the return filed in response to a notice u/s 153A. The assessee had made the disallowance in the search assessment completed u/s 153A, where no concealment was found. The issue of levying penalty u/s 271AAB in such circumstances is no longer res integra, following the Delhi High Court's decision in Neeraj Jindal. Accordingly, the penalty u/s 271AAB is deleted. Highlights Income Tax Tue, 01 Oct 2024 08:23:37 +0530 https://www.taxtmi.com/highlights?id=81857