specified by the assessee. The
provisions of sub-section (2) of section 271 AAA cast a duty upon the assessee
to specify the manner ... concerned. Unlike a case of penalty under section
271(1) (c) , section 271 AAA, without any reference to the finding or
presumptions of concealment
section 132(4) of the Act. After
considering the contention of the assessee the landed Commissioner
appeals observed that the provisions of section 271 AAA ... presumptions of concealment of income etc.
However, sub -section (2) Of Section 271 AAA,of this penalty
provision. The learned Commissioner (Appeals) extracted whether
penalty @ 10% of unaccounted
income but sub section (2) of section 271 AAA also provides exemption from
this penalty provisions in a situation in which ... conditions as laid down in clause (iii) to sub section
(2) of Section 271 AAA of the Act. On perusal of sworn statement recorded
case of the appellant does not fit into the scope of Sec
271 AAA .
4. That the CIT(A) has, in view of the facts ... course of the
statement recorded u/s 132(4) and hence Sec 271 AAA benefit
cannot be granted to the appellant .
5. That
after 01/07/12 the
newly introduced section 271AAB instead of sec. 271 AAA, introduced
by Finance Act 2012 is applicable.
5.12. Section 271AAA applies ... falls under the definition of undisclosed income as
per Section 271AAA . Sec. 271 AAA provides for immunity from
penalty only in respect of undisclosed income
been completed under section 153C of the Income Tax Act,1961(the Act)
penalty is not leviable under section 271 AAA ... search was
conducted on the assessee under section 132 of the Act. Section 271 AAA of
the Act gets triggered in only those cases where
pronouncements. These judicial pronouncements are applicable
for levy of penalty u/s 271 AAA ... evidential value of statement u/s
132(4) for quantum addition. The restriction contained in section 271 AAA cannot
be brought for determining income
seen that the
provisions of section 271AAA clearly specify that -
section 271AAA(2) -
271 AAA. (1) The Assessing Officer may, notwithstanding anything
contained ... Therefore, in my considered view, the pre requisites as
mentioned in section 271 AAA are seen to have been fulfilled in the case
Twelve) Crore as its additional income in
view of provisions of section 271 AAA of the Act, if any.
7. The disclosure is made ... general terms
intimated the undisclosed income. The requirement as per section 271AAA of the Act reads
as under:
"77. In the Income
undisclosed
income of the assessee as per the provisions of section 271
AAA of the Act and, therefore, the proposal to impose
penalty under section ... considered view that the
levy of penalty u/s 271 AAA in the instant case was not justified
and as such, we cancel the penalty
