ITAT Delhi Deletes Section 271AAB Penalty as SCN Did Not Specify Applicable Clause

Laxmi Narayan Agarwal Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, allowed the assessee’s appeal and cancelled the penalty imposed under Section 271AAB of the Income-tax Act arising from a search conducted at the assessee’s premises. The assessee had filed a return declaring income from capital gains, dividend, and interest. During the search, cash of ₹5.89 lakh and jewellery were found. In the assessment proceedings, additions were made under Section 69A for both cash and jewellery. While the Commissioner (Appeals) deleted the jewellery addition after ho...