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TMI Blog2024 (1) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... ct by issuance of Warrant of Authorization in the name of Sunil Kumar Jindal on 01.12.2016 and it means that the assessee is squarely covered by the provisions of section 132 of the Act and consequently, the provisions of section 271AAB of the Act clearly applies to the present case of the assessee. The provisions of section 132A of the Act where requisition of books of accounts etc., are made by the Income Tax Department and noted by Ld. Accountant Member is not emanating from the facts of the case. Because in the present case, the Department has not issued requisition u/s. 132A of the Act, but carried out search after issuance of Warrant u/s. 132 of the Act, we disagree with the view expressed by Ld, Accountant Member in holding the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been assessed under Section 143(3) in pursuance of requisition proceedings under Section 132A of the Act? (ii) Whether in the facts and circumstances of this case, penalty is leviable @ 10% u/s 271AAB(1)(a)(iii) or 60% u/s 271AAB(1)(C) of the Act? 4. After hearing the arguments of both the sides, the Learned Third Member held as under:- 14. I have heard Ld. Sr. DR and perused the written submissions filed by the Ld. Counsel for the Assessee. I have gone through the assessment order, the penalty order and the order of the ld. CIT(A) against the penalty order. I have also perused the different orders passed by the Ld. Accountant Member and Ld. Judicial Member referred before me but could not find difference of opinion in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2016 and it means that the assessee is squarely covered by the provisions of section 132 of the Act and consequently, the provisions of section 271AAB of the Act clearly applies to the present case of the assessee. The provisions of section 132A of the Act where requisition of books of accounts etc., are made by the Income Tax Department and noted by Ld. Accountant Member is not emanating from the facts of the case. Because in the present case, the Department has not issued requisition u/s. 132A of the Act, but carried out search after issuance of Warrant u/s. 132 of the Act, Hence, I do not agree with the view expressed by Ld, Accountant Member in holding the view that the Department has made requisition u/s. 132A of the Act. Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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