2018 (1) TMI 1140

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..... /s. 271(1)(c)was not leviable for the year under appeal, as it fell within the specified period. In the cases relied upon by the assessee, the issue has been deliberated upon by the Tribunal and it has been held that penal provisions of section 271(1)(c)cannot be invoked in cases where action u/s. 132(1)was initiated after 01.06.2007. The FAA has, after analyzing the provisions of both the sections, held that penalty could be levied u/s. 271AAA of the Act for the year under consideration - Decided against revenue
S/Sh. Rajendra, Accountant Member & Amarjit Singh, Judicial Member For the Revenue : Shri V. Justin - DR For the Shri Shailesh Parmar & Shri Ujjwal Gangwel PER RAJENDRA, AM- Challenging the order of the CIT(A)-1, Thane, the .....

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..... 8, that as per the provisions of section 271AAA no penalty u/s. 271(1)(c)could be imposed in respect of undisclosed income of the previous year which had ended before the search but the date of filing of return of income u/s. 139(1) of the Act had not expired, that the return of income was filed subsequent to the date of search. After considering assessment order, penalty order and the submission of the assessee, the FAA reproduced the provisions of section 271AAA of the Act. He observed that in assessee's case survey action was carried out at its business premises on 17/01/2008, that the AO had passed the assessment order u/s. 143(3) r. w. s153B(b)of the Act, that the assessment order proved that assessee's case had been treated by the AO .....

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..... are thus not applicable simultaneously but these are period specific. Considering the above, we hold that penalty u/s. 271(1)(c)was not leviable for the year under appeal, as it fell within the specified period. In the cases relied upon by the assessee, the issue has been deliberated upon by the Tribunal and it has been held that penal provisions of section 271(1)(c)cannot be invoked in cases where action u/s. 132(1)was initiated after 01.06.2007. The FAA has, after analyzing the provisions of both the sections, held that penalty could be levied u/s. 271AAA of the Act for the year under consideration. We do not find any legal or factual infirmity in his order. So, confirming the same we decide the effective ground of appeal against the AO. .....

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