deleting the penalty levied u/s.
271AAB of the Income-tax Act, 1961 (hereinafter referred to as the "Act") in violation of
Rule ... that of the AO
ought not to have levied penalty u/s. 271AAB of the Act since no search was initiated in the
case
Rani & Others, Ludhiana
14
17. From the plain reading of Section 271AAB we find that
the levy of penalty is permissible if and only ... osed income is a
condition precedent for levy of penalty under Section
271AAB of the Act. It has to be borne in mind that every
Nagpur dated
18.05.2017 emanating from the order of ACIT(AO) under section
271AAB of the Act dated 15.09.2015. The Revenue has raised the
following grounds ... deleting the penalty of Rs. 90,00,000/-
levied u/s. 271AAB of the Act.
ii) On the facts and circumstances of the case
Jaipur arising from penalty order passed under section 271AAB of the
IT Act for the assessment year 2015-16. The assessee has raised the following ... learned CIT
(A) has erred in passed the order u/s 271AAB of the Income Tax
Act, 1961 which is void ab-initio deserves
against the order passed by the ld. AO levying penalty u/s 271AAB of the Act for the
assessment year 2013-14 vide order dated ... 2305/Kol/2016 with regard to cancellation of penalty levied
u/s 271AAB of the Act.
5. The revenue had raised the following grounds
figures and letters "section 271 AAA", the word, figures and letters ", section 271AAB" shall be inserted with effect from the 1st day of July
confirming penalty order dt 27.06.2017
passed under sec 271AAB by the ACIT, Central
Circle-2, Jodhpur is bad in law and on facts.
2. That ... case, levying penalty of Rs. 3850000/- under sec
271AAB of the IT Act, 1961 vide order dt
27.06.2017
4. That the appellant craves leave
grossly erred in confirming the penalty u/s 271AAB imposed
at Rs. 3,75,00,000/-, arbitrarily, thus the order so passed deserves ... Assessing Officer has grossly erred in not specifying the limb of
section 271AAB of the Income Tax Act, 1961 (the Act) under which
penalty
Jaipur arising from the penalty order passed under section 271AAB of
the IT Act for the assessment year 2014-15. There is a delay ... erred in upholding the penalty order passed u/s 271AAB
of the Income Tax Act, 1961 which is void ab-initio and
therefore deserves
Jaipur arising from the penalty order passed under
section 271AAB of the IT Act for the assessment year 2015-16. The assessee has
raised ... notice issued by assessing officer for initiating the
penalty u/s 271AAB of the I.T. Act, 1961 is not in accordance
with
