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2019 (10) TMI 1175 - AT - Income TaxPenalty u/s. 271AAB - additions were made to the total income of the assessee in the order passed u/s. 153C - HELD THAT:- As decided in Shreeji Corporation [2018 (11) TMI 475 - ITAT AHMEDABAD] Applicability of Section 271AAB is integrally connected to search under s.132 of the Act. In the absence of search under s. 132 of the Act, the assessee has no occasion to avail the concessional treatment by way of admission under s.132(4) of the Act. Thus, we find obvious merits in the observations made by the first appellate authority that provisions of Section 271AAB are not applicable to the case of the assessee. In the absence of search u/s 132 of the Act, the consequential or incidental assessment proceedings under s.153C of the Act will not, in our view, entitle the AO to usurp jurisdiction u/s 271AAB of the Act for the purposes of imposition of penalty. Penalty in the case of assessee cannot be sustained as the assessee was not a person who was subjected to search u/s. 132 of the Act and consequently the provisions of section 271AAB could not be invoked in his case. - Decided in favour of assessee.
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