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TMI Blog2018 (3) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified 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 sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of convenience. 2. Briefly stated, the facts of the case for the assessment year 2006-07 are that a search and seizure operation was carried out in the case of the assessee. Return for the assessment year 2006-07 was filed declaring total income of ₹ 1,03,10,131/- as against the income declared in original return at ₹ 3,10,130/-. Thus, the assessee offered an additional surrendered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 prev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us year. The ld. DR has placed on record a copy of the order passed by the Chennai Bench of the Tribunal in ACIT vs. Smt. J. Mythili (2013) 35 taxmann.com 83 (Chennai-Trib.) in which penalty u/s 271(1)(c) has been held to be applicable as against section 271AAA for the period covered within sub-section (1) of section 271AAA. We find that the ld. CIT(A) simply went by the dates given in sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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