https://www.taxtmi.com/caselaws?id=767414 ITAT Delhi ruled in favor of the assessee regarding penalty under section 271AAB imposed on seized cash during search operations. The tribunal found that the Assessing Officer failed to satisfy the corresponding requirements under section 271AAB and distinguished the Revenue's cited precedents, noting that Veena Estate case did not specifically address search penalties under this section. The coordinate bench had already distinguished the Pr. CIT vs Sandeep Chandak precedent. Consequently, the tribunal deleted the penalty and allowed the assessee's appeal. en-us Fri, 31 Jan 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767414 ITAT Delhi ruled in favor of the assessee regarding penalty under section 271AAB imposed on seized cash during search operations. The tribunal found that the Assessing Officer failed to satisfy the corresponding requirements under section 271AAB and distinguished the Revenue's cited precedents, noting that Veena Estate case did not specifically address search penalties under this section. The coordinate bench had already distinguished the Pr. CIT vs Sandeep Chandak precedent. Consequently, the tribunal deleted the penalty and allowed the assessee's appeal. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767414