2018 (9) TMI 1742

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....Assessee : Shri Kirit Sheth ORDER PER SAKTIJIT DEY, J.M. Aforesaid appeal filed by the Revenue is directed against order dated 28th December 2016, passed by the learned Commissioner (Appeals)-52, Mumbai, deleting penalty of Rs. 74,00,477 imposed under section 271AAA of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2008-09. 2. The only effective ground raised by....

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....e total income was determined at Rs. 7,40,04,778. While completing the assessment, the Assessing Officer also initiated proceedings for imposition of penalty under section 271AAA of the Act. In response to the show cause notice issued for imposition of penalty under section 271AAA of the Act, though, the assessee filed its explanation on 22nd March 2013, however, the Assessing Officer rejecting th....

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....6. The learned Departmental Representative strongly supporting the decision of the learned Commissioner (Appeals) also relied upon the following decisions:- i) DCIT v/s M/s. K.G. Developers, ITA no.1139/Ahd./ 2012, dated 13.09.2013; ii) DCIT v/s Jain Co. Developers Pvt. Ltd., ITA no.6379/Del./2016 dated 12.02.2018; and iii) DCIT v/s Sam India Abhimanyu Housing, ITA no.12....

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....eding is, a person concerned must have been subjected to a search and seizure operation under section 132(1) of the Act. Undisputedly, in the facts of the present case, no search and seizure operation under section 132(1) of the Act was carried out in case of the assessee. This fact is clearly evident from the initiation and completion of proceedings under section 153C of the Act. Thus, the primar....