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TMI Blog2024 (3) TMI 1377X X X X Extracts X X X X X X X X Extracts X X X X ..... . Justice Purushaindra Kumar Kaurav For the Appellant : Mr. Abhishek Maratha, Sr.SC with Mr. Parth Semwal and Ms. Nupur Sharma, Advs. For the Respondent : Mr. Priyojeet Chatterjee with Mr. Sandeep Chilana, Ms. Snehil Sharma, Ms. Anjali .Iain, Ms. Jagrati Rastogi, Mr. Abdullah Tanveer and Ms. Kannopriya Gupta, Advs. ORDER 1. Having heard Mr. Maratha, learned counsel appearing for the appellant, we note that the impugned judgment rendered by the Income Tax Appellate Tribunal [ ITAT ] would give rise to the following question:- (a) Whether the ITAT in facts and circumstances of the case was correct in law in deleting the penalty of INR 1,97,70,670/- imposed by Assessing Officer under Section 271AAA of the Income Tax Act, 1961[ Act ]? 2. While ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d CIT (A) and confirm the same, resultantly the appeal of the Revenue is dismissed. 3. We, however, note that Section 271AAA of the Act reads as under:- [ 271-AAA. Penalty where search has been initiated . (1) The Assessing Officer may, 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 previous year. (2) Nothing contained in sub-section (1) shall apply if the assessee, ( i ) in the course of the search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other documents maintained in the normal course relating to the specified previous year which is found to be false and would not have been found to be so had the search not been conducted; ( b ) specified previous year means the previous year ( i ) which has ended before the date of search, but the date of filing the return of income under sub-section (1) of Section 139 for such year has not expired before the date of search and the assessee has not furnished the return of income for the previous year before the said date; or ( ii ) in which search was conducted.] 4. It is in the aforesaid backdrop that we prima facie find merit in the submission of Mr. Maratha, that a mere surrender of income would not absolve the assessee from the levy of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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