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2019 (2) TMI 1584 - AT - Income TaxPenalty imposed u/s 158BFA - absence of search warrant against the assessee - jurisdiction of the AO to complete assessment u/s 158BC - HELD THAT:- Promain Ltd. Vs. DCIT (2005 (6) TMI 224 - ITAT DELHI) we hold that in the absence of search warrant against the assessee, initiation of search was beyond jurisdiction of the Assessing Officer to complete the assessment under section 158BC We note that the assessment under section 158BC itself has been quashed, thus, the penalty levied in respect of the income assessed under said assessment order cannot survive. Accordingly, we set aside the order of the lower authorities and cancel the penalty levied under section 158BFA(2) of the Act. All the grounds of the appeal are accordingly allowed.
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