ITAT deletes Penalty Imposed u/s  271AAB of Income Tax Act  on  account of Cash received by Minor Grandson on Birthday during Search Proceedings [Read Order]

By Aparna. M - On July 30, 2023 10:00 am - 2 mins read
ITAT deletes Penalty Imposed - Income Tax Act on account of Cash received by - Minor Grandson On Birthday during Search Proceedings - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench deleted the penalty imposed under Section 271AAB of Income Tax Act, 1961 on account of cash received by a minor grandson on birthday during search proceedings. Pawan Satyanarain Jalan, the taxpayer derived income from business in textile in the name and style of M/s. Basant Fabrics. Apart…

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