2018 (1) TMI 1140

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....h Parmar & Shri Ujjwal Gangwel PER RAJENDRA, AM- Challenging the order of the CIT(A)-1, Thane, the Assessing Officer (AO) has filed the present appeal. Assessee-Firm is builders and developers. It filed its return on 30.09.2008, declaring income of Rs. 2.14 crores, the AO completed the assessment on 143(3) r. w. s 153B (b) of the Act on 30/12/2009 determining its income at Rs. 3.09 crores. E....

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....o the tune of Rs. 95.67 lakhs for the year under consideration. He levied the penalty of Rs. 32.52 lakhs u/s. 271(1)(c) of the Act. 3. Aggrieved by the order of the AO, the assessee preferred the appeal before the First Appellate Authority(FAA). It made elaborate submissions and objected to the imposition of penalty and argued that the search and seizure action was carried out on 17/01/2008, th....

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....ad been initiated on 17/01/2008, that search was initiated after 01/06/2007, that the previous year 2007-08 was the specified previous year, that the provisions of section 271AAA were applicable in assessee's case for the year under consideration, that in terms of the provisions of section 271AAA (3) penalty u/s. 271(1)(c) of the Act could not have been levied. He deleted the penalty levied by the....

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.... to this extent that in a case wherein search was initiated before 1.6.2007, provisions u/s 271(1)(c) will be applicable and in search initiated after 1.6.2007 (but before 1.7.2012) provisions u/s 271AAA of the Act will be applicable. These provisions are thus not applicable simultaneously but these are period specific. Considering the above, we hold that penalty u/s. 271(1)(c)was not leviable for....