TMI Blog2013 (4) TMI 822X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the order of ld.CIT (A)-I, Ahmedabad dated 27/09/2010 passed for A.Y.2006-07 challenging the levy of penalty u/s.271(1)(c) of ₹ 75,79,740/-. 2. Facts in brief as emerged from the corresponding penalty order passed u/s.271(1)(c) dated 23.02.2010 and the assessment made u/s.143(3) rws 153C rws 153B(1)(b) of the IT Act dated 31.12.2008 were that the assessee-company was subjected to a se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.2005 i.e. the year under appeal. Therefore, the ratio as laid down by Hon'ble Tribunal in the case of Dr. Mansukh Kanjibhai Shah (supra) is squarely applicable to the facts of this case. Relevant portion of the said decision read as under: - 9.1 Section 153A of the IT Act starts with the word notwithstanding anything contained , it is non-obstante clause. For applicability of above p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of Chapter XIV-B for making assessment for block period but in the block assessments, the question of assessing an undisclosed income in relation to any AY was restricted to the incriminating material on undisclosed assets discovered during the course of search and seizure or in the post search inquiry the material was relatable to such evidence discovered in search. The income assessed in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iminating material is found during the course of search or not. It can be illustrated by taking an example that if during the course of search and seizure proceedings, certain unaccounted valuables or money is found at the time of search without there being incriminating material or document for any other year or years, even then all the six assessments preceding the assessment year in which searc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndisputedly, the impugned Assessment Order itself now stood quashed by the respected Coordinate Bench from where the penalty in question has germinated, therefore, in consequence thereof, this penalty u/s.271(1)(c) do not survive any more, hence hereby direct to revoke the same. In principle grounds are allowed. 4. In the result, Assessee s appeal is allowed. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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