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2017 (11) TMI 806 - DELHI HIGH COURTPenalty u/s 271AAA - ITAT holding that the penalty imposed was on an incorrect appreciation of law - Held that:- For A.Y. 2010-11, search assessment was completed under Section 153A. On the basis of additions made, the AO proceeded to impose penalty upon two Directors under Section 271AAA of the Act. The aggrieved assessee and parties preferred appeals; the Appellate Commissioner reversed the findings and deleted the penalties. The ITAT noticed that the functional jurisdiction inter alia for imposition of penalty under Section 271AAA of the Act is the admission in the course of the statement made during the search proceedings and that such a fact did not exist in the circumstances of the case. Therefore, based upon its own previous order in Addl. Commissioner of Income Tax v. Emirates Technologies Pvt. Ltd. (2016 (10) TMI 1071 - ITAT DELHI ) correctly deleted the penalty. No substantial question of law
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