this regard relied upon the provisions
of sub-section (2) of Sec.271 AAA, which grant certain immunity
to the assessee from penalty, subject ... assessee has fulfilled the
conditions laid down under sub-section (2) to Sec.271 AAA,
which provide the assessee immunity from levy of penalty
taken by
learned CIT(A) is contrary to the provisions of section 271
AAA(2)(iii) which do not stipulate any time frame for
payment ... claiming
immunity from the levy of penalty under the
provisions of section 271 AAA of the Act.
Moreover we f ind that in the case
levy of penalty u/s. 271AAA of the Act of Rs.
27,20,443/-. The penalty u/s. 271 AAA of the Act may kindly ... well as
penalty order passed by the Assessing Officer. -
6.1 Section 271 AAA provides that, in a case where search has
been initiated under section
purchased for which separate penalty proceedings u/s 271(1)(c) are initiated and
penalty u/s 271 AAA was initiated for additional income shown ... return of
income in both assessment years separately. The provisions of section 271 AAA reads
as under:
"Penalty where search has been initiated.
271AAA
been conducted u/s
132 of the I.T. Act. I have gone through the provision of section 271 AAA
which reads as under ... From the reading of the above section, it is apparent that provision
of section 271 AAA can be attracted wherein search action has been
conducted
started his legal activity.Referring to the provisions of section
271 AAA(ii) of the Act,the assessee argued that penalty levied ... complied with all the conditions as stipulated
in subsection (2)of section 271 AAA. Finally,he upheld the order of the AO.
4.Before
assessment proceedings u/s 153
A, a show cause notice was given to the appellant regarding
initiation of penalty u/s 271 AAA ... issue of notice U/S 274 of the I T. Act . "
8. Aggrieved against the Penalty Order u/s 271 AAA, the
assessee filed
notice under
section 153A and which returns have been accepted by the
AO, levy of penalty under section 271 AAA was not
justified ... undisclosed income has been accepted by the Department,
penalty under section 271 AAA is not leviable.
11. In view of the above judicial precedents
requisite
conditions for claiming immunity from levy of penalty u/s 271 AAA.
2. On the facts and circumstances of the case
context: of Explanation
5 to Section 271(1) ( c) of the Act (the corresponding
predecessor of Section 271 AAA), the Hon'ble Income ... considered view
that the levy of penalty u/s 271 AAA in the instant
cases are not justified and as such, we cancel the
penalty
