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2017 (8) TMI 1622 - AT - Income TaxPenalty u/s 271AAA - Unexplained investment’ in pawn broking to the share of assessee - assessment order is passed under section 143 read with section 153C - HELD THAT:- We find that the Assessing Officer has issued a notice in respect of impugned assessment under section 153C read with 153A(1)(b) of the Act and the assessment was completed under section 143(3) read with section 153C of the Act and subsequently, penalty is imposed under section 271AAA. It is very clear that where there is a search has been initiated under section 132, penalty can be imposed under section 271AAA of the Act. In this case, from the paper book filed by the assessee at page No. 62, the Assessing Officer has issued notice to complete assessment of the assessee under section 153C read with 153A(1)(b) and not under section 132 of the Act. Therefore, the initiation of penalty is void abinitio and therefore, the order under section 271AAA has to be quashed. Accordingly, we quash the penalty order passed by the Assessing Officer under section 271AA. Thus, this ground of appeal filed by the assessee is allowed.
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