9911796707
TMI Blog2012 (7) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... ty levied by the learned AO. - IT(SS)A No.256/Ahd/2012 - - - Dated:- 20-7-2012 - SHRI D. K. TYAGI, JM AND A. MOHAN ALANKAMONY, AM) For the Appellant : Shri Rahul Kumar, Sr. DR O R D E R PER A. MOHAN ALANKAMONY: This appeal is filed by the revenue aggrieved by the order of the learned CIT(A)-II, Surat in appeal No. CIT(A)-II/C.3/78/2011-12 dated 20-03-2012 passed u/s 271 (1) (c) r.w.s 250 of the IT Act for assessment year 2008-09. 2. The revenue has raised three grounds in its appeal wherein grounds No.2 and 3 are general in nature. Ground No.1 of the appeal is reproduced herein below for our consideration: 1. The Ld. CIT(A) has erred in law and on facts in directing the AO to delete the penalty of ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... defines the same as the specified previous year and sub section (3) of section 271AAA categorically provides that no penalty u/s. 271 (1) (c) shall be imposed in respect of the undisclosed income for the said specified year. In the appellant s case, the A. Y. 2008-09 is the specified previous year being the previous year which has ended before the date of search but due date of filing of return for which has not expire prior to the date of search and therefore, as per sub section (3) of section 271AAA read with Explanation (b) to 271AAA no penalty can be imposed u/s. 271 (1) (c) of the Act. Further, even clause (b) of Explanation 5A to section 271 (1) ( c ) clearly provides that penalty u/s. 271 (1) (c) shall be levied only in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en per cent of the undisclosed income of the specified previous year. (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1). 8. It is clear from the above that the learned AO has not invoked the correct provisions of law for levying the penalty. In this case search was conducted in the premises of the assessee on 24-09-2008, thus the date of initiation of search was on 24-09-2008. From the provisions of Section 271AAA it is clear that in the case where action U/s 132 is initiated on or after 01/06/2007, penalty cannot be levied U/s 271 (1)(c)of the Act. Penalty can be levied only U/s. 271AAA of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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