TaxTMI 
TaxTMI 
2018 (1) TMI 1140
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....AJENDRA, 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. Effective ground of appeal is about deleti....
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....der 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, that as per the provisions of section 271AAA no p....
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....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 AO. 4. During the course of hearing before us, ....
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....tiated 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 the year under appeal, as it fell within the specifi....