2017 (11) TMI 806

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..... der 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 .....

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..... o as the Act ) was on an incorrect appreciation of law. 2. 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 assessees and parties preferred appeals; the Appellate Commissioner reversed the findings and deleted the penalties. The ITAT noticed .....

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