erred in confirming the penalty u/s. 271AAB of the Act in
principle.
16
ITA.NOs. 4941, 4942 & 4943/MUM/2018
M/s Coast ... Counsel for the assessee submitted that the
penalty order passed u/s. 271AAB of the Act for the assessment year
under consideration
2017
Deepak Jatia
Penalty u/s.271AAB enhanced to 30% may be
restricted to 10%
1. The Ld. CIT(A) erred in enhancing the penalty ... levied u/s.271AAB of the Act at Rs.5,42,77,569/- being
30% of the undisclosed income (as against levied
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
transaction; and
5. the amount of undisclosed income referred to in section
271AAB.
However, in the present case it is important to note that
years
under consideration. He submitted that post insertion of section
271AAA & 271AAB, penalty in case where search is initiated,
depends on the date ... been initiated and levied
for all the years under consideration under section 271AAB as
against 271(1)(c ) of the act. He relied on provisions
deleting the
penalty levied u/s.271(1)(c) and 271AAB one arising out of
additions made u/s.143(3) and other addition made ... penalty across
multiple assessment years u/s.271(1)(c) and 271AAB of the
Income Tax Act, 1961. The assessments emanate from
common spectrum
levying the
penalty under section 271(1)(c) & 271AAB of the Act. The
assessee has challenged two issues, the first issue is on
jurisdiction ... whether the penalty levied by the AO under
section 271AAB of the Act is valid as the initiation of penalty
was under section
penalty order for Assessment Year 2020-21 was
passed under section 271AAB of the Act on 27/02/2023.
2. All the appeals have same ... transaction; and
(e) the amount of undisclosed income referred to in section 271AAB.
10.2 The Ld. Counsel for the assessee referred to the clause
order of CIT(A) confirming the levy of penalty under section
271AAB of the Act. For this, the assessee has raised the
following 4 grounds ... erred in
confirming the Penalty under section
271AAB of ₹7,95,000/- @ 10% of
₹79,50,000/- on ignoring the fact that no
search under
turn arises from the order passed by the A.O under Sec. 271AAB of
the Income Tax Act, 1961 (for short „Act‟), dated ... above, no penalty
could have been levied on the Appellant u/s 271AAB of the Act
since the addition has been made
