Indian Kanoon - Search engine for Indian Law

Section 271AAA in The Income Tax Act, 1961 271AAA. [ Penalty where search has been initiated. [ Inserted by Act 22 of 2007, Section

arising out of different orders u/s 271(1)(c) / 271AAA of Income Tax Act (in short referred as 'Act') Act framed ... 2017, 603/Ind/2016 etc. 271(1)(c)/271AAA of the Act were initiated on the undisclosed income offered to tax by the group concerns

different assessee's involves similar issues of penalty levied u/s 271AAA of the Income Tax Act deleted ... penalty levied by Asst. CIT, Central Circle-17, New Delhi u/s 271AAA of the Income Tax Act of Rs. 1731180/- was cancelled. The revenue

Assessment Year (AY) 2008-09 confirming the penalty levied u/s. 271AAA of the Income Tax Act, 1961 (for short ... also initiated the penalty proceedings u/s. 271AAA of the Act and issued show cause notice, in response to which it was submitted

ITAT fall into error in deleting the penalty under Section 271AAA of ` 20,000,000/- added pursuant to search in the overall circumstances ... seized during search. The AO also noticed that provisions of section 271AAA of the Act, was applicable in respect to the undisclosed income found during

also provided for imposition of penalty under Section 271 (1) (c) and 271AAA of Act, 1961. Consequently a notice under Section 271 AAA was issued ... Ravi Kant, learned Senior Advocate, contended that penalty under Section 271AAA of Act, 1961 could not have been imposed upon petitioner since he has complied

shown in the table below: TIME OF DICLOSURE PENALTY U/S 271AAA PENALTY U/S 271AAB OF UNDISCLOSED INCOME BY THE ASSESSEE At any time ... discretion of Income-Tax Officer. Legislative intent is very clear that Sec. 271AAA and Sec 271AAB are mutually exclusive. Booth cannot be levied upon

confirmation of the penalty levied by the Assessing officer u/s 271AAA of the Income-tax Act, 1961 (in short ... during the course of search. He, therefore, initiated penalty proceedings u/s 271AAA of the Act. In the penalty proceedings, the assesseesubmitted that since

Commissioner (Appeals) - 38, Mumbai and arises out of the order u/s 271AAA of the Income ... levying a penalty of Rs. 2,20,00,000/- u/s 271AAA of the Income Tax Act, 1961 being 10% of the additional income

order dated 30.09.2014, in proceedings u/s. 271AAA of the Income Tax Act, 1961; in short "the Act". Heard both the parties. Case ... money and disclosure is to be read in law in s. 271AAA(2) , after relying on various judicial pronouncements. I find that