However, he
issued a notice u/s 271AAB of the Actto the assessee. The
assessee submitted his explanation and thereafter the AO held
that ... issued and that
erroneously the provisions of section 271AAB of the Act was
Page
action imposing penalty of ₹27,91,507 in
proceedings u/s 271AAB of the Income Tax Act, 1961; in short 'the Act'.
Heard ... facts in reversing
the Assessing Officer's action imposing sec. 271AAB penalty of ₹26 lac.
imposed by the Assessing Officer in his order dated
revenue authorities were justified in imposing penalty on the
assessee u/s. 271AAB of the Income-Tax Act, 1961 ["the Act"]. The
admitted ... respect of
those additions, penalty proceedings were initiated u/s. 271AAB of the Act.
5. Section 271AAB of the Act reads as follows:-
"Penalty
leviable on the aforesaid amount as per the provisions of
section 271AAB (l)(a) of the I.T. Act.
14. In view of this ... account of
stock found short as per the provisions of section 271AAB
(l)(a) of the Act. However, the remaining part of the penalty
which is aggrieved on
levy of penalty of A96,780/- u/s.271AAB of the Income Tax Act, 1961 (
in short ... accordance with clauses (a) of Sub Section(1) to Section
271AAB of the Act.
2. Facts apropos are that there was a search
erred in confirming the levy of penalty u/s 271AAB of the Act in
consequence to the assessment completed in terms of Section 153C ... failed to appreciate that the levy of penalty u/s.271AAB of the Act on the
facts and in the circumstances of the case
orders of Ld. CIT(A) in deleting
the penalty imposed u/s. 271AAB of the Income-tax Act, 1961 (hereinafter referred ... assessee in the ROI) and
penalty proceedings were initiated u/s. 271AAB of the Act on the amount disclosed during
search
Shri Manoj
Beswal respectively against the order levying penalty u/s 271AAB of the Income Tax
Act, 1961 [in short the 'Act'] passed ... justified in deleting the penalty levied u/s 271AAB of the Act, in the facts and
circumstances of the case.
3. The facts pertaining
imposed by the Assessing Officer under Section
271AAB of the Act of 1961, which was challenged by the petitioner
by way of appeal filed before ... CRLMP-4839/2019]
consequently, levied penalty under Section 271AAB of the Act,
whereas undisputedly the alleged income was found recorded in
the diary, which
First Respondent to quash the impugned order
dated 30.06.2022 passed u/s.271AAB of the Act for the Assessment Year
2016-17 in ITBA ... 271AAB(1)/2022-23/1043699359(1).
For Petitioner(s) : M/s. A.S.Sriraman
G.Tarun
For Respondent(s): Mr.A.P.Srinivas, Senior Standing
