9911796707
TMI Blog2022 (11) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... for fresh adjudication. Thus, additions based on which penalty under section 271AAA was imposed by the AO as of now, do not survive. That being the factual position emerging on record, the penalty imposed under section 271AAA at least for the present, cannot survive. Accordingly, we delete the penalty imposed under section 271AAA - However, it is open for the Assessing Officer to initiate proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessment year 2013-14. 2. Briefly the facts are, the assessee is a resident individual. A search and seizure operation under section 132 of the Act was carried out in case of M/s. SRS group on 09.05.2012. Based on information received in course of search and seizure operation, the Assessing Officer issued a notice under section 142(1) of the Act to the assessee calling upon him to furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed an order imposing penalty of Rs.2,45,418/- under the said provision. The penalty imposed, as aforesaid, was also confirmed by learned Commissioner (Appeals). 4. Before us, learned counsel appearing for the assessee submitted, while deciding the quantum appeal of the assessee, the Tribunal has deleted the addition of Rs. 1 lakh made on account of unexplained cash and restored the issue relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akh made on account of unexplained cash. Whereas, the addition made of Rs.23,54,184/- on account of unexplained jewellery has been restored back to the Assessing Officer for fresh adjudication. Thus, additions based on which penalty under section 271AAA was imposed by the Assessing Officer, as of now, do not survive. That being the factual position emerging on record, the penalty imposed under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
