Income
T ax (Appeals)-5, Ludhiana upholding levy f
penalty u/s 271AAB at Rs.6,00,000/- is against ... appeal relates to
sustenance of penalty of Rs.6 lacs u/s 271AAB of the
Income Tax Act, 1961 (hereinafter referred
which he deleted the penalty imposed u/s.
271AAB of the Income-tax Act, 1961 (hereinafter referred to as the "Act")..
2. Briefly ... assessee in the ROI) and penalty proceedings were initiated u/s. 271AAB of the Act on
the amount disclosed during search
same has however, been erroneously initiated u/s.
271AAB(1A) of the Act which came into statute w.e.f. 15.12.2016. The ld.
PCIT therefore ... appeal set)
2. Copies of show cause notices issued u/s 274 /271AAB
evenly dated 14.06.2019 which are arising out
of the order u/s 271AAB of the Income Tax Act 1961(In short ... appreciating that the penalty notice
issued u/s 274 r.w.s. 271AAB mechanically, mentioning irrelevant and
inapplicable charges and not mentioning the charges
Jaipur both dated 01.11.2017 arising from penalty
order passed U/s 271AAB of the IT Act for the assessment years ... case the learned
CIT(A) erred in passed the order U/s 271AAB of the Income Tax
Act, 1961 which is void ab-inito deserves
Udaipur arising from the penalty order
passed under section 271AAB of the IT Act for the assessment years ... then initiated the proceedings for levy of penalty under section 271AAB of the IT Act
by issuing a show cause notice dated
deleting the
penalty levied by the AO u/s 271AAB of the Income Tax Act, 1961 (in short "Act").
2. Brief facts ... disclosed amount of
Rs.59,09,00,000/- u/s 271AAB of the Act.
3. During the course of penalty proceedings, the assessee submitted such
2015-16 for assessment year 2013-
14; involving penalty proceedings u/s271AAB of the Income Tax Act, 1961; in short ... consequential assessment framed
on 06.06.2014. He further initiated the impugned sec. 271AAB penal proceedings in
all three assessees' cases Quantum proceedings in all cases
represents undisclosed income of the assessee as per
the provisions of Section 271AAB of the I.T. Act and A.Y. 2014-
2015 under appeal ... working partner of M/s. Brijwasi Jewellers.
Hence, penalty proceedings under section 271AAB of the I.T.
Act is initiated. The A.O. vide separate
wherein he partly
confirmed the penalty imposed by the AO u/s 271AAB(1)(a) of the Income
Tax Act, 1961 (in short ... 27lAAB of the l. T. Act, 1961 . Penalty
proceeding u/s. 271AAB has been initiated separately."
5. Considering the details as furnished
