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2015 (8) TMI 756 - AT - Income TaxPenalty proceedings u/s.271AAA - delay in payment of tax - assessment proceedings after search and seizure - CIT(A) deleted penalty - Held that:- Although the assessee has not paid an amount of ₹ 40,99,998/- before filing of the return of income, however, the fact remains that the demand of ₹ 49,64,700/- raised by the AO for A.Y. 2010-11 vide order dated 29-12-2011 passed u/s.143(3) has been paid on 22-03-2012 which is much before 28-06- 2012, i.e., the date of penalty order passed u/s.271AAA for the year under appeal. Therefore, respectfully following the decision of the Kolkata Bench of the Tribunal in the case of Pioneer Marbles and Interiors Pvt. Ltd. (2012 (2) TMI 261 - ITAT, KOLKATA ) to hold no penalty u/s.271AAA can be levied if the assessee has paid the tax and interest due thereon within the time limit provided in notice of demand u/s.156 and also well before the penalty proceedings were concluded. we hold that no penalty u/s.271AAA is leviable in the instant case. Accordingly, the order of the CIT(A) is upheld and the grounds raised by the Revenue are dismissed. - Decided in favour of assessee.
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