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2015 (11) TMI 109 - AT - Income TaxPenalty under section 271(1)(c) and under section 271AAA - whether no penalty under section 271(1)(c) could be lawfully levied in the appellant’s case, since it was governed by the provisions of Section 271AAA(3)? - Held that:- We have upheld the plea of the assessee on merits that the penalty for undisclosed income’, on the given facts and in respect of the assessment year before us, could only be imposed, if at all, only under section 271AAA and not under section 271(1)(c). In any case, once the penalty is initiated under section 271AAA in the assessment order, there cannot be any occasion to impose the penalty under section 271(1)(c). We have perused the copy of the assessment order filed by the assessee which specifically states that the penalty is initiated under section 271AAA and no other document, suggesting that penalty was initiated under section 271(1)(c), has been filed before us. Be that as it may, as have held that penalty under section 271(1)(c) could not have been imposed on the facts of this case, the initiation aspect of the penalty is anyway no more than academic. In view of these discussions, the Assessing Officer was clearly in error in invoking the provisions of Section 271(1)(c) on the facts of this case. We, therefore, delete the impugned penalty. - Decided in favour of assessee.
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