concerned. Unlike in the case of penalty under section 271(1)(c) ,
Section 271 AAA, without any reference to findings or presumptions of
concealment ... penalty @ 10% of unaccounted income. Sub section 2 of Section 271
AAA, however, relaxes the rigour of this penalty provision in a situation in
which
concerned. Unlike in the case of penalty under
section 271(1)(c), Section 271 AAA, without any reference to findings
or presumptions of concealment ... penalty @ 10% of
unaccounted income. Sub section 2 of Section 271 AAA, however,
relaxes the rigour of this penalty provision in a situation in which
initiating penalty
under section 274 r.w.s. 271 (1)(c) of the income tax act and not
under section 271 AAA. I also perused ... conditions of section 271AAA(2) are not fulfilled by the appellant.
The three conditions provided in sub section (2) of section 271
AAA are reproduced
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
definition of 'undisclosed income' as defined in Expl.(a) to section
271AAA of the Act, cannot be accepted because the assessee himself made ... that the assessee case falls in exception of sub-section
(2) of Section 271 AAA as alt the three conditions are laid down in three
that income offered by the assessee firm was not
covered under section 271 AAA of the act and I also perused the
statement ... conditions of section 271AAA(2) are not
fulfilled by the appellant. The three conditions provided in sub
section (2) of section 271 AAA are reproduced
that income offered by the assessee firm was not
covered under section 271 AAA(2) of the act and I also perused the
statement ... assessee recorded under section 132 (4) of income
tax act. The AO has levied penalty u/s 271 AAA of the Act because
the first
undisclosed income' as defined in Expl.(a) to section 271 AAA of
the Act, cannot be accepted because Dipesh L. Shah (brother of assessee ... Expl.(a) to section
271AAA of the I.T. Act.
5.2The AO has levied the penalty u/s 271 AAA of the Act because
position.
7. We consider it appropriate to reproduce, for ready reference, Section 271
AAA of the Act:
271AAA. Penalty where search has been initiated ... penalty under the provisions of clause (c) of sub-section (1) of section 271
shall be imposed upon the assessee in respect of the undisclosed
notice under section 153A and which returns
have been accepted by the AO, levy of penalty under section 271 AAA was not
justified ... which undisclosed income has been accepted by
the Department, penalty under section 271 AAA is not leviable.
11. In view of the above judicial precedents
