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of <h1>ITAT Upholds CIT(A) Decision on Penalty Deletion Under Section 271AAA</h1> <h3>The Deputy Commissioner of Income Tax, Central Circle-4, Surat Versus M/s K.G. Developers</h3> The ITAT upheld the Ld. CIT(A)'s decision to delete the penalty imposed under section 271AAA of the Act. The case involved unaccounted income discovered ... - Issues involved: Appeal against order of Ld. CIT(A)-II Ahmedabad directing deletion of penalty u/s. 271AAA of the Act.Summary:The case involved a search u/s. 132 at the residence of a partner of a firm, leading to disclosure of unaccounted income. The AO levied a penalty of &8377; 5,20,500 u/s. 271AAA for failure to describe the manner in which the income was derived. However, the Ld. CIT(A) deleted the penalty, stating that section 271AAA is applicable only when a search u/s. 132 has been initiated, which was not the case for the appellant firm. The Ld. CIT(A) also noted that the conditions for penalty u/s. 271AAA were not fulfilled. The ITAT upheld the Ld. CIT(A)'s decision, as no search operation u/s. 132 was conducted in the assessee's case, rendering section 271AAA inapplicable. The ITAT dismissed the revenue's appeal, affirming the deletion of the penalty.
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