Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (5) TMI 180 - AT - Income TaxPenalty u/s.271AAA - statement recorded in the proceedings u/s.132(4) - whether any specific loose paper or investment made by the assessee? - Return filed response to the office notice issued u/s.153A - HELD THAT:- Seized Loose Paper pertains to the assessment year 2012-13 and therefore, it cannot be linked to the income disclosed for the assessment year 2011-12. That further, no query or question were put forth by the Revenue Authorities to the assessee in the entire proceedings u/s.132(4) of the Act with regard to seized Loose Paper No.7 and as the Co-ordinate Bench of the Tribunal, Delhi in the case of Neeraj Singhal [2015 (3) TMI 680 - ITAT DELHI] has taken a view that in such scenario, penalty u/s.271AAA cannot be levied and the same is being upheld in SHRI BANARASIDAS R. JINDAL AND OTHERS [2015 (7) TMI 159 - ITAT PUNE] we are of considered view therefore that the findings arrived at by the Ld. CIT(Appeals) is not correct in law as well as in facts. We set aside the order of the Ld. CIT(Appeals) and direct the Assessing Officer to delete the penalty u/s.271AAA of the Act from the hands of the assessee.- Decided in favour of assessee.
|