https://www.taxtmi.com/caselaws?id=467647 Penalty under section 271AAC(1) depends on tax payable on income assessed under section 115BBE. Where the quantum addition was substantially deleted and the surviving amount was held not assessable under section 115BBE, the statutory foundation for penalty disappeared. In the absence of assessable income falling within section 115BBE, penalty under section 271AAC(1) could not be sustained and was held not leviable. en-us Mon, 17 Feb 2025 00:00:00 +0530 Fri, 27 Mar 2026 19:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467647 Penalty under section 271AAC(1) depends on tax payable on income assessed under section 115BBE. Where the quantum addition was substantially deleted and the surviving amount was held not assessable under section 115BBE, the statutory foundation for penalty disappeared. In the absence of assessable income falling within section 115BBE, penalty under section 271AAC(1) could not be sustained and was held not leviable. Case-Laws Income Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467647