confirming the
penalty levied by the Assessing Officer u/s 271AAB of the Income Tax Act, 1961 (in
short ... account of undisclosed jewelry. He, therefore,
initiated penalty proceedings u/s.271AAB of the Act and levied the
minimum penalty @ 10% of the said declared
grossly erred in confirming the penalty u/s 271AAB imposed
at Rs. 3,75,00,000/-, arbitrarily, thus the order so passed deserves ... Assessing Officer has grossly erred in not specifying the limb of
section 271AAB of the Income Tax Act, 1961 (the Act) under which
penalty
relation to
penalty levied u/s 271AAB of the Act and the only
difference is that the assessee was levied penalty u/s
271AAA ... before 01.07.2012. We find the legislature has
introduced the provisions of Sec. 271AAB of the Act
in Finance Act 2012 effective from 01.07.2012 which
right by
holding the notice under Section 274 read with
Section 271AAB as not valid when the
assessee himself has comprehended the
contents ... correct in holding that the notice under Section
274 read with Section 271AAB
ITAT is right in holding that penalty
cannot be invoked u/s.271AAB in a case where the partner of
assessee firm admitted unaccounted income ... ITAT is right in holding that penalty
u/s.271AAB is to be invoked only in the cases of persons where
assessment completed
imposed by the assessing officer u/s
271AAB of the Act.
2. That the CIT(A) is wrong and has erred in law in confirming ... said penalty of Rs. 4,95,189/- u/s 271AAB of the Act, holding that it is
mandatory in nature and not discretionary
confirming the levy of
penalty of Rs. 12,851/- u/s 271AAB of the Act on account of
additional income of Rs. 64255/- offered ... confirming the levy of penalty of
Rs. 942,145/- u/s 271AAB of the Act on account of additional income
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
2018, this
appeal is with regard to chargeability of penalty u/s
271AAB .
35. The brief facts of the case are that assessee being ... bare reading of law codified in
Section 271AAB(1) clearly provides that the AO may direct the
assessee
section 132(4) of the Act and penalty proceedings u/s 271AAB
was also initiated on this account.
2. Further, a penalty ... 2017-18 confirmed the levied penalty u/s 271AAB. Aggrieved with this order, the
assessee filed further appeal before the Hon'ble ITAT, Chandigarh
