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2019 (12) TMI 38 - ITAT MUMBAILevy of penalty under section 271AAB - no search conducted on the assessee u/s 132 - HELD THAT:- There is no need for levy of penalty u/s 271AAB of the Act that search warrant should be in the name of the assessee. CIT(A) admitted that there is no search warrant in the name of the assessee or no search is conducted in the case of assessee but the requirement for levy of penalty under section 271AAB of the Act is fulfilled for the reason that a statement under section 132(4) of the Act was recorded admitting undisclosed income. We noted that in all the case laws relied, the co-ordinate Benches have taken a consistent view holding that the penalty under section 271AAB of the Act cannot be levied where search is not conducted under section 132 of the Act on the assessee. Hence, respectfully following the same we delete the penalty and allow the appeal of the assessee on this jurisdictional issue.
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