Section 271AAA in The Income Tax Act, 1961 [Entire Act]
Section 271AAA in The Income Tax Act, 1961
271AAA. [ Penalty where search has been initiated. [ Inserted by Act 22 of 2007, Section
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1 - 10 of 978 (0.78 seconds)M/S Shree Coal Enterprises (I) Pvt. ... vs The Acit 3(1), Bhopal on 27 June, 2018
emphasized that
even in the cases where penalty proceedings were initiated u/s
271AAA (i.e. for AYs 2011-12 & 2012-13), notices akin ... entitled to
immunity from penalty as provided in sub section (2) of
section 271AAA .However, these penalties were levied and
confirmed only on the ground
Acit, New Delhi vs M/S. Aryan Ispat & Power Pvt. Ltd., New ... on 18 January, 2018
assessment was
framed u/s 143(3) read with section 153A on 30.03.2015 at the
returned income. The penalty u/s 271AAA was initiated ... assessee did not comply with the conditions of
sub-section (ii) of section 271AAA of the Act. The appeal was preferred
before
Principal Commissioner Of Income Tax ... vs Smt. Ritu Singal on 12 March, 2018
years in cases
where search under section 132 is initiated on or after 1st
June, 2007.‖
9. Section 271AAA was amended by the Finance ... cases where search was initiated under Section 132 on or
after 01.06.2007 but before 01.07.2012. Section 271AAA and its
amendments are part of series
M/S Crossings Infrastructure Pvt. Ltd. vs Commissionerof Income Tax (Central) ... on 15 January, 2014
section (1) if Sub-section (2) stands complied.
13. Therefore, when the steps provided in Sub-section (2) of Section 271AAA are observed by Assessee ... liability of penalty under Section 271 (1) (c) in respect to undisclosed income vide Sub-section (3) of Section 271AAA.
14. In the present case
Murari Lal Agarwal, Kolkata vs Dcit, Central Circle - 2(3), , Kolkata on 24 April, 2019
note down the definitions
contained in Explanation below sub-section (4) of section 271AAA , which read as
under :-
"Explanation.-For the purposes of this ... section (3) of section 271 AAA
provides that in case penalty is imposed under sub-section (1), then the provisions of
section
M/S Gillco Developers And Builders ... vs Dcit, Chandigarh on 28 August, 2017
immunity provided in clause (i) and (ii) of sub
section(2) of section 271AAA of the Act. We have keenly gone through the
abovestatement ... compliance of provisions of clause (i) and (ii) to sub
section (2) to section 271AAA of the Act. Rather he has confirmed the
penalty
Ravi Kiran Aggarwal, Mumbai vs Asst Cit Cen Cir 47, Mumbai on 5 May, 2017
assessment order passed u/s 143(3) . The
A.O. then initiated penalty proceedings u/s 271AAA and imposed a
penalty ... firm. The A.O. completed
the assessment u/s 143(3) and initiated penalty u/s 271AAA . The
A.O. held that the assessee could
The Dcit, Central Circle-2(2),, ... vs Shanti Builders,, Ahmedabad on 17 April, 2018
filed u/s 153A . The answer to Q. 4 of the statement u/s 132(4)
contained a prayer for immunity u/s 271AAA ... satisfaction of clause (i) and clause (ii) of sub-section
(2) of section 271AAA of the Act is concerned, both the Commissioner
(Appeals) as well
M/S. Spaze Towers Pvt. Ltd., Gurgaon vs Dcit, Faridabad on 20 November, 2018
section 271(1)(c) might be
sustained albeit on the ground of legal submission that in the
specified year the penalty under section 271AAA could ... section 271AAA(2) are not fulfilled:
"Penalty where search has been initiated.
271AAA. (1) ...............................................
(2) Nothing contained in sub-section (1) shall apply