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TMI Blog2018 (4) TMI 1777X X X X Extracts X X X X X X X X Extracts X X X X ..... that the provisions of section 271AAA can be invoked only in case where search has been initiated u/s 132 and undisclosed income is found as a result of such action. In the present case, return of income was filed in response to notice u/s 142. There is no material on record suggesting that search has been initiated in the assessee s case. It is stated that search was initiated in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r INTURI RAMA RAO, AM : This is an appeal filed by the assessee directed against the order of the learned Commissioner of Income-tax (Appeals), Gulbarga(Kalburgi) [CIT(A)] dated 30/09/2016 confirming penalty levied us/ 271AAA of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short] for the assessment year 2011-12. 2. The assessee raised the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se to notice us/ 142 of the Act. The return of income was accepted by the Assessing Officer vide order u/s 153C. Subsequently, the AO issued a show cause notice to the assessee u/s 274 r.w.s. 271AAA of the Act proposing to levy penalty at the rate of 10% of undisclosed income. In response to said show cause notice, the assessee submitted that additional income was offered with the intention of buy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entative placed reliance on the orders of the lower authorities. 6. We heard rival submissions and perused the material on record. In the present case, penalty proceedings u/s 271AAA r.w.s.274 were initiated on the ground that the assessee offered undisclosed income in the return of income filed in response to notice u/s 142. On mere perusal of the provisions of section 271AAA, it is c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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