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2014 (2) TMI 734 - AT - Income TaxPenalty u/s 271 (1) (c) of the Act – Applicability of Section 271AAA of the Act – Held that:- The previous year for both the years have ended before the date of search and the due date for filing the return of income u/s 139 (1) has also expired before the date of search - the return of income was filed on 07.07.2008 and both these dates are falling prior to the date of search i.e. 15.10.2008 - none of these two previous years is a specified previous year - the provisions of section 271AAA (1) are not applicable in these two cases - No other argument was advanced by the learned AR of the assessee to contend that there is no concealment except this that penalty is not leviable in terms of sub section (2) & (3) of section 271AAA – thus, the order of the CIT(A) set aside and the matter should remit back to the AO for fresh adjudication about the penalty to enable the assessee to make his submissions on applicability of the provisions of section 271 (1) (c) of the I. T. Act – Decided in favour of Assessee.
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