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2018 (1) TMI 1140 - AT - Income TaxPenalty u/s. 271(1)(c) or 271AAA - search and seizure action was carried out after 01/06/2007 - Held that:- Intention of the Legislature is clear to this extent that in a case wherein search was initiated before 1.6.2007, provisions u/s 271(1)(c) will be applicable and in search initiated after 1.6.2007 (but before 1.7.2012) provisions u/s 271AAA of the Act will be applicable. These provisions are thus not applicable simultaneously but these are period specific. Considering the above, we hold that penalty u/s. 271(1)(c)was not leviable for the year under appeal, as it fell within the specified period. In the cases relied upon by the assessee, the issue has been deliberated upon by the Tribunal and it has been held that penal provisions of section 271(1)(c)cannot be invoked in cases where action u/s. 132(1)was initiated after 01.06.2007. The FAA has, after analyzing the provisions of both the sections, held that penalty could be levied u/s. 271AAA of the Act for the year under consideration - Decided against revenue
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