imposed by the Assessing officer u/s 271AAB of the Income
Tax Act, 1961."
2 ITA No. 359/JP/2017
Shri Rajendra Kumar Gupta ... circumstances of the case, notice issued by
the Assessing officer u/s 271AAB of the Income tax Act is wrong
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
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
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
Income
T ax (Appeals)-5, Ludhiana upholding levy f
penalty u/s 271AAB at Rs.6,00,000/- is against ... appeal relates to
sustenance of penalty of Rs.6 lacs u/s 271AAB of the
Income Tax Act, 1961 (hereinafter referred
Udaipur arising from the penalty order
passed under section 271AAB of the IT Act for the assessment years ... then initiated the proceedings for levy of penalty under section 271AAB of the IT Act
by issuing a show cause notice dated
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
Income Tax (Appeals)-2,
Jalandhar upholding the levy of penalty u/s 271AAB at ₹
4,31,99,747/- is against law and facts ... Income Tax was not justified
to uphold the penalty u/s 271AAB despite the fact that
penalty was initiated by the Ld. Assessing Officer
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
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
