ITAT Abolishes Section 271AAB Penalty for Lack of Deliberate Defiance of Law

Pawan Satyanarain Jalan Vs Assessing Officer Central (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) of Ahmedabad recently ruled on the case of Pawan Satyanarain Jalan Vs Assessing Officer Central. The case pivots around the penalty imposed under Section 271AAB of the Income Tax Act due to cash received by a minor grandson on his birthday, which came under the scanner during search proceedings.  The ITAT order was based on the context that the appellant group had a turnover exceeding Rs. 300 crores in the year under review, with tax payments exceeding Rs. 2 crores annually. The ITAT...