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TMI Blog2017 (11) TMI 1875X X X X Extracts X X X X X X X X Extracts X X X X ..... of income by the respondent. In our opinion, the Tribunal's finding in this regard is proper and sound. The substantial questions of law are, accordingly, answered against the Revenue. - I.T.T.A. No. 712 Of 2017 - - - Dated:- 21-11-2017 - C.V Nagarjuna Reddy And T. Amarnath Goud, JJ. J.V. Prasad, Sr. Standing Counsel for the Appellant. JUDGMENT C.V. Nagarjuna Reddy, T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch at the premises of the Assessee ? 2. Whether in the facts and circumstances of the case and in law, Hon'ble ITAT is justified in deleting the penalty imposed u/s. 158BFA(2) without appreciating that the spirit of provisions of Sec. 158BGA(2) is differing from the provisions of Sec. 271(1)(c) ? Following a search and seizure operation conducted at the premises of the respondent-assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- and levied the penalty. 2. In the appeal filed by the respondent, the Commissioner of Income Tax (Appeals) confirmed the order of the AO. The Tribunal, however, set aside both the orders in the appeal filed by the respondent. 3. In support of its conclusion that the respondent is not liable for penalty, the Tribunal held as under: A reading of section 158BFA(2) makes it clear that imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay High Court and Rajasthan High Courts discussed above, we are of the considered opinion that no penalty can be imposed under section 158BFA (2) of the Income Tax Act, 1961 against the appellant. In view of the above, we delete the penalty imposed and allow the claim of the assessee. 4. After hearing Mr. J.V. Prasad, learned Senior Standing Counsel for Income Tax Department, we agree with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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