2018 (3) TMI 1168

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....garwal, Advocate For the Department : Shri Arun Kumar Yadav, Sr. DR ORDER PER R.S. SYAL, VP: These three appeals by the Revenue relate to the AYs 2006-07 to 2008-09. Since common issue is raised in these three appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. Briefly stated, the facts of the case for the assessment ....

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....ipulated u/s 271AAA . That is how the assessee got relief of Rs. 23.70 lac. The Revenue is aggrieved against the reduction in penalty. 3. We have heard both the sides and perused the relevant material on record. Relevant part of section 271AAA(1) provides that : `The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where searc....

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....e previous year before the said date; or (ii) in which search was conducted." 4. On going through the definition 'specified previous year' in juxtaposition to section 271AAA(1), it becomes clear that penalty at the rate of 10% of the undisclosed income is to be imposed only in respect of 'specified previous year.' The ld. DR has placed on record a copy of the order passed by the Chenna....