Penalty on Notional House Property Income Quashed by ITAT – Section 271AAB overrides 271(1)(c)

Mohan Thakurdas Gurnani Vs ITO (ITAT Mumbai) Penalty on notional income from house property quashed – ITAT rules levy u/s 271(1)(c) unjustified- Search penalty void – Section 271AAB overrides 271(1)(c) ITAT ruled that penalties under Section 271(1)(c) cannot be levied on notional income from house property, as it does not amount to concealment or inaccurate particulars. For assessments after July 2012, ITAT observed that penalties should be considered under Section 271AAB rather than 271(1)(c). Penalties levied under the wrong section are void, emphasizing correct statutory application po...