2024 (1) TMI 653

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....he Revenue : Shri Anuj Garg, Sr. DR ORDER PER ANUBHAV SHARMA, JM: This is appeal preferred by the Assessee against the order dated 20.08.2020 of the Commissioner of Income Tax (Appeals)-3, New Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in appeal No.3/10076/2019-20 arising out of the appeal before it against the order dated 26.12.2018 passed u/s 143....

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....circumstances of this case, penalty is leviable @ 10% u/s 271AAB(1)(a)(iii) or 60% u/s 271AAB(1)(C) of the Act? 4. After hearing the arguments of both the sides, the Learned Third Member held as under:- "14. I have heard Ld. Sr. DR and perused the written submissions filed by the Ld. Counsel for the Assessee. I have gone through the assessment order, the penalty order and the order of ....

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....mendment Bill 2016) receives the assent of the President and that date is w.e.f. 15,12,2016 and on this date assent of the President was received. The relevant provisions reads as under:- "271AAB. (1) The Assessing Officer [or the Commissioner (Appeals) may, Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of July, 2012 (but before the ....

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.... books of accounts etc., are made by the Income Tax Department and noted by Ld. Accountant Member is not emanating from the facts of the case. Because in the present case, the Department has not issued requisition u/s. 132A of the Act, but carried out search after issuance of Warrant u/s. 132 of the Act, Hence, I do not agree with the view expressed by Ld, Accountant Member in holding the view tha....