Dismissing the appeal of the revenue the Tribunal held that ; Levy of penalty on the basis of loose sheets found on the course of search was held to be not justified as loose sheets represented only projection .Imposition of penalty is directory and not mandatory . ( AY.2013-14)
ACIT v. Marvel Associates. (2018) 170 ITD 353 / 65 ITR 23 (SN) /194 TTJ 338/166 DTR 409 (Vishakha) (Trib.)
S. 271AAB:Penalty -Search initiated on or after Ist day of July 2012- Levy of penalty on the basis of loose sheets found on the course of search was held to be not justified as loose sheets represented only projection -Imposition of penalty is directory and not mandatory . [ S. 132(4 ) ]