facts that the notice was issued for imposition of penalty u/s 271AAB and not for imposition of penalty ... undisclosed income, the assessing officer has initiated penalty proceedings under Sections 271AAB of the Act. A notice dated 24.9.2015 has been issued of which
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
Kolkata [in short 'the AO'] levying penalty u/s
271AAB of the Act.
2. The only issue to be decided in this appeal ... completion of assessment initiated penalty proceedings u/s 271AAB of
the Act. During the course of penalty proceedings, the ld AO observed that the assessee
total penalty of Rs. 49,13,280/- imposed u/s 271AAB(1)(c) of the Income Tax
Act, 1961 without appreciating the fact that ... specified time as prescribed in notice u/s 153A r.w.s
271AAB of the Income Tax Act, 1961 and in fact there was inordinate
amount declared in
the return. It was submission that penalty under section 271AAB came
to be passed imposing penality on the assessee firm ... premises of the partner of the assessee firm and penalty
under Section 271AAB could not be levied unless there is a search
under section
search initiated on or after 01/07/12 the
newly introduced section 271AAB instead of sec. 271 AAA, introduced
by Finance Act 2012 is applicable
provides as under:-
" Section 271 , Section 271A , [ Section 271AAA ,]
[Section 271AAB,] Section 271F , [ Section 271FB ,]
Section 272AA or Section 272BB ;
7. In our view
been specifically
provided in the Act itself as is provided in Section 271AAB of the Act. Hence, we find
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ITA No.1399
