https://www.taxtmi.com/caselaws?id=789196 Penalty under section 271(1)(c) could not be finally sustained on the existing record because the assessee's explanations and supporting material had not been independently considered and adequate hearing had not been afforded; the matter was remanded to the Assessing Officer for fresh adjudication with due opportunity to the assessee. Penalty under section 271AAA also failed because assessment year 2011-12 did not satisfy the statutory condition of a "specified previous year", so the provision was inapplicable and the levy was deleted. The outcome was partly in favour of the assessee. en-us Thu, 02 Apr 2026 00:00:00 +0530 Sat, 04 Apr 2026 08:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789196 Penalty under section 271(1)(c) could not be finally sustained on the existing record because the assessee's explanations and supporting material had not been independently considered and adequate hearing had not been afforded; the matter was remanded to the Assessing Officer for fresh adjudication with due opportunity to the assessee. Penalty under section 271AAA also failed because assessment year 2011-12 did not satisfy the statutory condition of a "specified previous year", so the provision was inapplicable and the levy was deleted. The outcome was partly in favour of the assessee. Case-Laws Income Tax Thu, 02 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789196