AO Levied Penalty u/s 271AAB for Alleged Undisclosed Income during Search: ITAT deletes Penalty due to Lack of Clear Evidence [Read Order]

Considering no incriminating materials were found concerning undisclosed income during the search, ITAT deletes the penalty
By Kavi Priya - On September 11, 2024 3:50 pm - 2 mins read
ITAT - ITAT Delhi - Section 271AAB of the Income Tax Act - Evidence - Undisclosed Income - Taxscan

The New Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty levied under Section 271AAB of the Income Tax Act, 1961 for alleged undisclosed income during the search. The decision was made due to a lack of clear evidence to prove the allegation. The revenue conducted a search under Section 132…

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