https://www.taxtmi.com/caselaws?id=469942 Penalty under section 271AAB could not survive once the quantum additions for cash and jewellery had been deleted in the assessee's quantum appeal. The Tribunal held that the penalty was wholly dependent on those additions, and when the underlying basis for alleging undisclosed income disappeared, there was no separate legal foundation to sustain the penalty. The first appellate authority's confirmation of the penalty was therefore unsustainable, and the penalty was deleted in full. en-us Wed, 12 Mar 2025 00:00:00 +0530 Thu, 09 Jul 2026 20:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469942 Penalty under section 271AAB could not survive once the quantum additions for cash and jewellery had been deleted in the assessee's quantum appeal. The Tribunal held that the penalty was wholly dependent on those additions, and when the underlying basis for alleging undisclosed income disappeared, there was no separate legal foundation to sustain the penalty. The first appellate authority's confirmation of the penalty was therefore unsustainable, and the penalty was deleted in full. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469942