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
2023, the assessee has challenged the validity of
penalty levied under section 271AAB of Rs. 60,31,056/- being penalty @ 10% of
undisclosed income admitted ... erred in deleting
the penalty proceedings u/s 271AAB of the I. T. Act, 1961, levied by the AO of Rs.
60.31.056/- 10% undisclosed income
2023, the assessee has challenged the validity of
penalty levied under section 271AAB of Rs. 60,31,056/- being penalty @ 10% of
undisclosed income admitted ... erred in deleting
the penalty proceedings u/s 271AAB of the I. T. Act, 1961, levied by the AO of Rs.
60.31.056/- 10% undisclosed income
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
imposed by the AO u/s 271AAB of the Act by ignoring the fact
2
ITA No. 2938/Kol/2025
Bijay Kumar Garodia
that ... fall within the definition of
undisclosed income in explanation (c) to section 271AAB of the Act.
3. The facts in brief are that the search
Hyderabad, arising from penalty
order passed by the Assessing Officer u/ sec.271AAB of the
Income Tax Act [in short ... taxed under section 115BBE of the Act. Penalty proceedings
under section 271AAB were accordingly initiated, and the
Assessing Officer ultimately levied a penalty
levied by the Assessing Officer u/s 271AAB of the Income Tax
Act, 1961 (hereinafter referred to as 'the Act') for assessment year ... rejecting the various explanations given by the assessee levied penalty u/s 271AAB
of the Act on the amount
which in turn arose from the penalty order
passed under section 271AAB of the Act, for the assessment year 2013-14.
2. In this appeal ... erred in confirming penalty
of Rs.9,94,140/- under section 271AAB of the Income Tax Act."
ITA No. 5680/Mum/2025
penalty of Rs.60,00,000/- u/s 271AAB of
the Act was imposed.
3. On appeal, the ld. CIT(A) dismissed the appeal ... thereby
submitting that the impugned penalty order dated 17.07.2025 passed
under section 271AAB of the Act was without appreciating the fact that
the said penalty
completed assessment and
initiated penalty notice u/s. 271AAB of the Act. The section 271AAB of the Act
provides for levy of penalty ... urged that the AO has not properly initiated
penalty notice u/s. 271AAB of the Act. However, it is found from the records that
