Assessing Officer to levy
penalty u/s. 217AAA of the Act shall survive. We read the provisions of
section 271AAA ... Return of Income u/s. 139(1) of the
Act and in compliance to the provisions of section 271AAA of the Act. The
specified
seen that there is no search u/s.
132 in the case of the firm and accordingly, section 271AAA is not
applicable ... finding that the 3
conditions provided in exception in sub-section (2) of Sec. 271AAA are also
fulfilled by the assessee. Nothing has been brought
Section 271AAA was squarely applicable
in this case. The sub section (2) of Section 271AAA
provides that:
(2) Nothing contained in sub-section (1) shall ... under sub section 2 of Section
271 AAA are satisfied, no penalty will be imposed" and that
"....in section 271AAA , there
compliance with all the three conditions mentioned in Sub-
section (2) of Section 271AAA mandatory or not?
2. Whether penalty prescribed @ 10% of undisclosed Income ... Delhi High Court about the
interpretation of sub- section 2 of Section 271AAA of the Income Tax
Act, 1961”.
28. He, therefore, prayed that
above decision it is clearly
discernable that sub-section(2) of section 271AAA
cannot be applicable when assessee is not subjected to
the question ... findings that all the
three conditions as stipulated in sub-section (2) of Section
271AAA are fulfilled.
4. Having heard Ms. Kalpanak Raval, the learned
exception under Section 271AAA of the Income Tax Act, Sub
Section (2) of Section 271AAA of the Income Tax Act namely
that the assessee must ... Commissioner of
Income Tax vs. Mahendra C.Shah (supra). Sub-
section (2) of section 271AAA imposes an additional
condition of the assessee having to substantiate
penalty. In this context,
the reference was made to sub-section (2) of Section 271AAA
which requires that in addition to admitting the undisclosed
income ... entirely different as compared to Explanation 5 to
section 271 .
12. Sub section (1) of section 271AAA provides for
a penalty in addition
Section 271AAA and the provisions of Section 271(1)(c)
can apply are inherently mutually exclusive as Section 271AAA(3) clearly states
that ... section
271AAA and not under section 271(1)(c) . In any case, once the penalty is
initiated under section 271AAA in the assessment order, there
Section 271AAA and the provisions of Section 271(1)(c)
can apply are inherently mutually exclusive as Section 271AAA(3) clearly states
that ... section
271AAA and not under section 271(1)(c) . In any case, once the penalty is
initiated under section 271AAA in the assessment order, there
Section 271AAA and the provisions of Section 271(1)(c)
can apply are inherently mutually exclusive as Section 271AAA(3) clearly states
that ... section
271AAA and not under section 271(1)(c) . In any case, once the penalty is
initiated under section 271AAA in the assessment order, there
