2013 (4) TMI 822

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...., Sr.D.R. ORDER: This is an appeal filed by the Assessee arising from the order of ld.CIT (A)-I, Ahmedabad dated 27/09/2010 passed for A.Y.2006-07 challenging the levy of penalty u/s.271(1)(c) of Rs. 75,79,740/-. 2. Facts in brief as emerged from the corresponding penalty order passed u/s.271(1)(c) dated 23.02.2010 and the assessment made u/s.143(3) rws 153C rws 153B(1)(b) of the IT Act d....

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....at there is no dispute that the search took place in this case on 22.09.2005 i.e. the year under appeal. Therefore, the ratio as laid down by Hon'ble Tribunal in the case of Dr. Mansukh Kanjibhai Shah (supra) is squarely applicable to the facts of this case. Relevant portion of the said decision read as under: - "9.1 Section 153A of the IT Act starts with the word "notwithstanding any....

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....AO shall proceed to assess undisclosed income in accordance with provisions of Chapter XIV-B for making assessment for block period but in the block assessments, the question of assessing an undisclosed income in relation to any AY was restricted to the incriminating material on undisclosed assets discovered during the course of search and seizure or in the post search inquiry the material was rel....

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....ment or the pending assessments takes place irrespective of whether any incriminating material is found during the course of search or not. It can be illustrated by taking an example that if during the course of search and seizure proceedings, certain unaccounted valuables or money is found at the time of search without there being incriminating material or document for any other year or years, ev....