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The Pr. Commissioner of Income Tax-Central-1 Versus Sundeep Gupta & Sameer Gupta

2017 (11) TMI 806 - DELHI HIGH COURT

Penalty u/s 271AAA - ITAT holding that the penalty imposed was on an incorrect appreciation of law - Held that:- For A.Y. 2010-11, search assessment was completed under Section 153A. On the basis of additions made, the AO proceeded to impose penalty .....

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osition 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 the circumstances of the case. Therefore, based upon its own previous order in .....

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SANJEEV SACHDEVA JJ. Present: Mr. Ruchir Bhatia with Mr. Puneet Rai & Mr. Gaurav Khetarpal, Advs. for appellant. Mr. Ved Jain with Ms. Rano Jain, Mr. Pranjal Srivastava & Ms. Devina Sharma, Advs. for respondent. S. RAVINDRA BHAT, J.(ORAL) 1. .....

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ion 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 .....

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