could not be said that
the provisions of sub-section (2) of Section 271-AAA of the Act had
not been adhered ... affirmed by
the Tribunal.
5. Section 271-AAA of the Act reads as follows: -
"271-AAA. Penalty where search has been initiated
submitted that charging section is
unambiguous. Nothing contained in Sub-section (1) of
Section 271-AAA would apply, if the assessee were to
comply with ... machinery Section
6
has thus failed and therefore, penalty cannot be
imposed.
11. Sub-section (1) of Section 271-AAA of the Act
reads
vide order u/s 154 / 143 (3) dated
07.03.2014. The Assessment Officer initiated penalty proceedings
under Section 271-AAA of the Act in the Assessment ... income was derived, therefore, AO
passed the impugned penalty order under Section 271 AAA read
with Section 274 of the Act.
Being aggrieved
stated that penalty proceedings are initiated under
Section 271(1)(c) and under Section 271(AAA) .
8. In the case of CIT V/s. Manjunatha ... Department sending a
printed form where all the ground mentioned in Section 271
are mentioned would not satisfy the requirement of law when
HIGH COURT
Petitioner, thereafter filed returns of income in compliance of notice under Section 142 (1) of Act, 1961 declaring total income ... imposition of penalty under Section 271 (1) (c) and 271AAA of Act, 1961. Consequently a notice under Section 271 AAA was issued by ACIT
consideration at Rs. 70 lacs. He also instituted
penalty proceedings under section 271 AAA of the Act.
5. It appears that after passing of this ... 18790/2014 JUDGMENT
interest under section 234C and penalty under section
271 AAA of the Act) was adjusted from the seized cash
complied in order to get immunity
from the imposition of penalty under section 271AAA
of the Income tax Act, 1961.
(Pages ... this fact substantiated
that the appellant has passed the test of Section
271 AAA(2) of the Income tax Act, 1961.
Therefore, penalty
mentioned in Sub-
section (2) of Section 271AAA mandatory or not?
2. Whether penalty prescribed @ 10% of undisclosed Income under Section
271AAA ... machinery Section has thus failed and therefore, penalty
cannot be imposed.
11. Sub-section (1) of Section 271-AAA of the Act reads as follows
Bench: Abhay S. Oka
ITEM NO.23 COURT NO.5 SECTION ... Delhi High
Court about the interpretation of sub-section 2 of
Section 271-AAA of the Income Tax Act, 1961.
Signature Not Verified
Hence
levied under Section 271(1)(c) by erroneously observing that with the
introduction of Section 271-AAA of the Act in relation of search ... explanation 5A to Section 271(1)(c) would still continue to coexist in
the statute despite the introduction of Section 271-AAA
