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2019 (4) TMI 1519 - ITAT KOLKATAPenalty u/s 271AAB - whether automatic post search involving the searched assessee’s disclosure followed by assessment proceedings or not ? - additional income disclosures only during the course of search & seizure operation - undisclosed income - 'specified previous year' in terms of sub-clause (i) of clause (b) of Explanation to section 271AAA - meaning of the terms 'date of search ' - additional incomes suo motu and substantiated the manner of having derived the same from various business - HELD THAT:- As decided in AKA LOGISTICS PVT. LTD., AMBEY MINING PVT. LTD., M/S CALCUTTA INDUSTRIAL SUPPLY CORP. [2019 (3) TMI 209 - ITAT KOLKATA] imposition the impugned penalty u/s 271AAB not automatic - mere issue of notice to impose penalty u/s 271(1)(c) is not sufficient - Assessing Officer had to apply u/s 271AAB Explanations clause (a) to (c). We therefore decline Revenue’s appeals. Assessing Officer’s penalty show-cause notice nowhere specified the limb in issue pertaining to undisclosed income component as to whether the same related to income or expenditure side. We find no merit in assessee’s instant technical plea going by learned co-ordinate bench’s decision hereinabove relying upon hon'ble apex court’s decision in cases Sandeep Chandak vs. PCIT [2018 (6) TMI 106 - SUPREME COURT OF INDIA] We therefore decline assessee’s cross-objection.
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