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2018 (3) TMI 1168 - ITAT DELHIPenalty u/s 271AAA - CIT(A) observed that the penalty ought to have been imposed u/s 271AAA as the search was conducted on 31.01.2011, which date falls within the period 01.06.2007 to 30.06.2012, being the period prescribed u/s 271AAA - Held that:- 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.’ CIT(A) simply went by the dates given in sub-section (1) of section 271AAA without examining ‘specified previous year’ which is crucial for determination of the applicability or otherwise of section 271AAA. Under these circumstances, we set aside the impugned order and remit the matter to the file of the ld. CIT(A) for examining the case afresh in the light of the Explanation (b) to section 271AAA. - Decided in favour of revenue for statistical purposes.
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