2017 (8) TMI 1622

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....s of the case, in brief, are that the assessee Rajendra Kumar Jain is in the business of money lending under the name and style of 'Sri Shaw Rajendra Kumar Bhawarlal Bankers' at D.No. 5-1-83, Suryaraopet, Kakinada. There was a search and seizure operation conducted in the residential premises of assessee on 03/02/2009 at Latchirajuvari St., Kakinada. The door no. 5-1-83, Suryaraopet was the common business premises for him and his brother Sri Bhawarlal Jain where survey under section 133A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') was simultaneously carried on 03/02/2009. For the Assessment Year 2009-10 being the assessment year of search, the Assessing Officer has passed the order under section 143(3) of the....

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.... proprietor concern of the assessee at Latchirajuvari St., Kakinada. The material on which the Assessing Officer passed the assessment order was found in the office of the assessee, therefore, the first condition that there should be initiation of search is fulfilled and the contention of the assessee is rejected and confirmed the order of the Assessing Officer. 6. On being aggrieved, the assessee carried the matter in appeal before the Tribunal. 7. Learned counsel for the assessee has submitted that in this case, the Assessing Officer has completed the assessment under section 143(3) read with section 153C of the Act dated 30/12/2010 and submitted that 271AAA has no application to the assessee. 8. On the other hand, learned Depart....

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....d the assessment was completed under section 143(3) read with section 153C of the Act and subsequently, penalty is imposed under section 271AAA of the Act. For the sake of convenience, the relevant portion of section 271AAA is extracted as under:- "271AAA. (1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007 but before the 1st day of July, 2012, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent of the undisclosed income of the specified previous year." 11. From the above, it is very clear that....