9911796707
TMI Blog2014 (5) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's case does not fall u/s. 271AAA as the due date for filing the ROI had already expired and the assessee did not declare the income in the regular return filed which was admitted in statement recorded u/s. 132(4) of the I.T.Act. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in holding that penalty u/s. 271AAA was leviable instead of penalty u/s. 271(1)(c)." 2. In this case the return of income was filed on 31.10.2007 declaring total income at Rs.14,88,429/- A search and seizure action u/s. 132 of the Act was carried out on 05.10.2007 in the case of M/s. Mehta Transport Services (I) Ltd. The office/residential premises of the company and its Directors/ connected persons were also covere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med to have concealed the particulars of income amounting to Rs.72,47,208/- The penalty was levied @100% of the tax sought to be evaded. The penalty was quantified at Rs.24,39,409/- 4. Aggrieved by this the assessee carried the matter before the CIT(A). It was strongly contended before the CIT(A) that the AO could not have levied penalty u/s. 271(1)(c) in terms of provisions of section 271AAA clause (3). In short, the assessee's main contention before the CIT(A) was that the provisions of section 271(1)(c) do not apply on the facts of the case and the relevant provisions applicable were of section 271AAA. After considering the facts and the submissions, the CIT(A) held as under: "4.3 I have carefully considered the issue. The appellant ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e revenue is before us. The learned DR strongly supported the findings of the AO. The counsel for the assessee reiterated what has been submitted before the lower authorities. 6. We have carefully perused the orders of the lower authorities. Undisputedly, the search took place on 05.10.2007. The immediate previous year ended on 31.03.2007 for which the due date of filing the return of income was 31.10.2007. The assessee had filed its original return of income on 31.10.2007. Considering these facts, provisions of section 271AAA squarely apply, which relates to the search initiated u/s. 132 on or after the first day of June 2007 but before the first day of July 2012. In the case in hand, the search was initiated on 05.10.2007. Clause 3 of se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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