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2012 (7) TMI 973 - ITAT AHMEDABADWhether CIT(A) has erred directing the AO to delete the penalty u/s. 271(1)(c) - Held No - AO has not invoked the correct provisions of law for levying the penalty. In this case search was conducted in the premises of the assessee on 24-09-2008, thus the date of initiation of search was on 24-09-2008. From the provisions of Section 271AAA it is clear that in the case where action U/s 132 is initiated on or after 01/06/2007, penalty cannot be levied U/s 271 (1)(c). Penalty can be levied only U/s. 271AAA of the Act when certain conditions stipulated therein is not complied. Therefore, confirm the order of the learned CIT(A) deleting the penalty levied by the learned AO.
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