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
hereinafter referred to as 'the
Act') and u/s.271AAB of the Act. [ITA Nos.3293, 3295 & 3296/Chny/2024
are against ... action of the Ld.CIT(A) confirming the
penalty levied u/s.271AAB for AY 2020-21].
2. At the outset
Appeals) erred in erred in confirming the levy of
penalty u/s 271AAB of the Act without assigning proper
reasons and justification and ought ... have appreciated that
the provisions of section 271AAB of the Act was wrongly
invoked to the factual matrix of the case thereby vitiating the
consequential
erred in deleting Rs.69,71,783/- levied as penalty u/s
271AAB(1) (c).
3. The Ld.CIT(A) erred in relying ... initiated penalty
proceedings by issuing notice u/s.274 r.w.s.271AAB of the Act on
31.12.2016. After the CIT(A) order in quantum
fall under the income as
defined in the Explanation (C) to section 271AAB of the
Act.
7. The learned Commissioner of Income-tax, (Appeals ... Assessing officer did not specify whether penalty had
been initiated u/s 271AAB(1)(a) or 271AAB(1)(b) or
271AAB(1)(c) and hence
confirming the action of learned
assessing officer in levying penalty under section 271AAB of the Act.
ITA No.1168/Chny/2023
:: 2 ::
2. The learned ... proceedings.
3. The learned CIT(A) ought to have seen that section 271AAB of Act
has three limbs as specified in Section i.e. 271AAB
Kumar Aggarwal (Accountant Member)
1.1 Aggrieved by confirmation of penalty u/s 271AAB for Rs.342 Lacs
for Assessment Year (AY) 2019-20, the assessee ... matter of impugned penalty levied by Ld. Assessing Officer
[AO] u/s. 271AAB of the Act vide order dated 16-02-2022. In the penalty
Kumar Aggarwal (Accountant Member)
1. Aggrieved by confirmation of penalty u/s 271AAB for Rs.82.56
Lacs for Assessment Year ... matter of penalty levied by Ld. Assessing Officer [AO]
u/s. 271AAB of the Act vide order dated 23-03-2020.
2. In the penalty
justified in sustaining the
penalty levied by the AO u/s. 271AAB r.w.s. 274 of the IT Act to
an extent ... Chny/2019
2. The penalty proceeding initiated by notice u/s. 271AAB
r.w.s. 274 dated
