Shri Manoj Beswal, by which he deleted the penalty imposed u/s.
271AAB of the Income-tax Act, 1961 (hereinafter referred ... accepting the returned income and penalty
proceedings were initiated u/s. 271AAB of the Act on the amount disclosed during
search
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
order dated 30.09.2015 u/s 271AAB of the
Income Tax Act, 1961 (in short 'the Act').
Heard both the parties. Case file perused ... been held that it is not mandatory to impose penalty u/s 271AAB in each and
every case even if the assessee has made
action imposing the penalt(ies) in issue; involving proceedings
u//s 271AAB of the Income Tax Act, 1961; in short 'the Act'. Relevant ... Assessing Officer's action in part imposing the
impugned u/s 271AAB penalt(ies) in relation to the search in question dated
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
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
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
justified in
confirming the penalty imposed by the AO u/s 271AAB of the Income Tax Act,
1961 (in short ... vide
order dated 26.12.2016 by recording that penalty proceedings u/s 271AAB of
the Act is being initiated separately. Accordingly, notice issued and initiated
penalty
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
action imposing the penalt(ies) in issue;
involving proceedings u//s 271AAB of the Income Tax Act, 1961; in short 'the Act'.
Relevant ... case may be, raise identical
issue of correctness of u/s 271AAB penalt(ies) imposed by the Assessing Officer and
partly upheld in the lower
