imposed by Assessing Officer under Section
271AAA of the Income Tax Act, 1961["Act"]?
ITA 1251/2018 Page 1 of 10
This ... While dealing with the issue of penalty under Section 271AAA
of the Act, the ITAT has observed as follows: -
"2.4 If the aforesaid judicial
Whether the ITAT proceeding on an erroneous and untenable
interpretation of section 271AAA, failed to appreciate that in order
to escape the levy of penalty ... manner in
which the undisclosed income was derived', penalty under section
271AAA of the Act could not, in any case, be levied
imposed by Assessing Officer under Section
271AAA of the Income Tax Act, 1961["Act"]?
2. While dealing with the issue of penalty under ... Section 271AAA
of the Act, the ITAT has observed as follows: -
This is a digitally signed order.
The authenticity of the order
concerned, penalty
amounting to Rs.19,54,700/- was imposed under Section 271AAA
of the Income Tax Act, 1961 [in short ... penalties were levied; Rs.20,15,300/- was
levied under Section 271AAA , while penalty amounting to
Rs.66,94,323/- was levied under Section
essentially
annulled the penalty which had been imposed under Section 271AAA
of the Income Tax Act, 1961 ["Act"] holding that the assessee ... penalty of Rs.50,00,000/-
imposed by the AO under Section 271AAA of the Act
despite the fact that the assessee has failed
present appeal stands
confined to the issue of penalty under Section 271AAA of the Income
Tax Act, 1961 ['Act'] and is not concerned
