section 271(1)(c) of the Act. The assessee,
therefore, is not show caused for levy of penalty under the
provisions of section 271AAA , rather ... appellant
though rendered in context of penalties levied u/s 271(1)(c) or u/s
271AAA are equally applicable in respect of penalties levied
covered by sub-section (2) that prohibits the
application of subsection (1). Broadly, sub-section (1) of section 271AAA provides for
imposition of penalty ... covered by sub-section [2) that prohibits the
application of subsection (1). Broadly, sub-section (1) of section 271AAA provides for
imposition of penalty
subsection 1 of that section. Therefore, if
the penalty has already been levied under section 271AAA of
the Act , no further penalty ... levied u/s 271 (1) (c)
of the act. Penalty u/s 271AAA and 271 (1) (c) are mutually
ITA No. 2835/Del/2015 (Assessment
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
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
recorded under section 131 and
not in the statement recorded under section 132(4) of the Act. Hence
the provisions of section 271AAA cannot ... para 13 & 14 as under :-
" 13. Sub section (2) of Section 271AAA thus while retaining
the other requirements of avoiding penalty as provided
fulfilled all three conditions
as laid down in sub section (2) of section 271AAA . He has also relied on various
judgment including that ... section 143(3)
read with section 153A of the Act was finalized on 29.12.2011. The Income Tax
Officer initiated penalty proceedings under section 271AAA
provided to the assessee if
conditions provided in sub-section(2) of section 271AAA of the Act
are fulfilled which are namely ... above section we observe that the
penalty cannot be levied if the assessee fulfils three conditions mentioned
in sub-section (2) of section 271AAA
satisfied the condition as stipulated in clause (i) to sub- section 2 of section 271AAA of the
Act, since the assessee had admitted the undisclosed ... interest so it was contended that no
penalty under sub-section (1) of section 271AAA of the Act was warranted. However
dated
29/05/2012 on the ground that conditions specified in section 271AAA
for exoneration from penalty has not been satisfied by the assessee ... more, applying with the
exemption provisions of sub section (2) of section 271AAA .
b) There are few more court decisions where
