TMI BlogPenalty u/s. 271AAB - The assessees’ sole substantive grievance appears to be that the AO’s...Penalty u/s. 271AAB - The assessees’ sole substantive grievance appears to be that the AO’s corresponding show cause notices dated 29.12.2017 (supra) had not been validly issued. We find no merit in the assessees’ stand once it has come on record that the impugned penalty has been levied @ 10% since falling in the first and foremost limb u/sec. 271AAB(1)(a)(i) to (iii) of the Act in the specified circumstances. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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