2018 (11) TMI 475

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....i t Nagpal, Sr . D.R. For The Respondent : None ORDER PER PRADIP KUMAR KEDIA - AM: The captioned appeals have been filed at the instance of the Revenue against common order of the Commissioner of Income Tax (Appeals)-12, Ahmedabad ('CIT(A)' in short), dated 29.11.2016 in the matter of penalty imposed by the AO under s. 271AAB of the Income Tax Act, 1961 (the Act) concerning assessment ....

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....ed by the AO of the searched person that certain documents were found to be belonging to the assessee herein. Accordingly, the proceedings under s.153C of the Act were initiated and assessment order was passed under s.153C r.w.s. 153A of the Act for both the assessment years in question. The income returned was assessed as such. However, penalty under s.271AAB of the Act was imposed on undisclosed....

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....to by the Ld. AO. The provisions of section 271AAB are clearly applicable, as has been urged by the Ld. AR, only to those cases where search u/s 132 has been initiated and consequently only to those assessments which are completed either u/s 153A r.w.s. 143(3) or are regular assessments u/s 143(3) in cases where search u/s 132 has been initiated. Consequently, with regard to the assessments framed....

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....led: A.Y. Penalty cancelled A.Y.2012-13 Rs.20,94,797/ - A.Y.2013-14  Rs.6 1,67,870/ - 5. A perusal of the assessment order undisputedly points out that no search had taken place in the case of the assessee per se under s.132 of the Act. A bare reading of law codified in Section 271AAB(1) clearly provides that the AO may direct the assessee to pay a sum by way of penalty a....