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2019 (3) TMI 810 - AT - Income TaxLevy of penalty u/s 271AAB OR u/s.271 - penalty proceedings initiated u/s 271AAB - no notice issued for initiating penalty proceedings u/s 271(1)(c) - penalty imposed u/s 271(1)(c) - addition u/s 68 - details of nine share applicants giving share application money to the assessee could not be verified and also showed his inability to prove the creditworthiness and genuineness of the amount received - HELD THAT:- penalty proceedings ought to have been intimated u/s 271(1)(c) of the Act but were wrongly initiated u/s 271AAB of the Act for Assessment Year 2012-13. we are of the view that as the basic requirements for invoking Section 271AAB of the Act is not fulfilled, we have no option left except to allow the legal grounds raised by the assessee and quash the penalty proceedings initiated u/s 271AAB of the Act and delete the penalty levied by the Ld. A.O. - Decided in favour of assessee.
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