TMI Blog2017 (8) TMI 1622X X X X Extracts X X X X X X X X Extracts X X X X ..... he paper book filed by the assessee at page No. 62, the Assessing Officer has issued notice to complete assessment of the assessee under section 153C read with 153A(1)(b) and not under section 132 of the Act. Therefore, the initiation of penalty is void abinitio and therefore, the order under section 271AAA has to be quashed. Accordingly, we quash the penalty order passed by the Assessing Officer under section 271AA. Thus, this ground of appeal filed by the assessee is allowed. - ITA No. 80 & 81/VIZ/2017 - - - Dated:- 11-8-2017 - SHRI V. DURGA RAO, HON BLE JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, HON BLE ACCOUNTANT MEMBER For the Assessee : Shri P. Prabhakara Muthy Adv. For the Department : Shri V. Appala Raju Sr.DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The assessee carried the matter in appeal before the ld. CIT(A). It was submitted before the ld. CIT(A) that a warrant was issued in the name of Rajendra Kumar Jain, D.No. 5-3-25, Latchirajuvari St, PAN/GIR No. AAIHR7342J/R-201/GP40 in the capacity of HUF and the assessment was completed under section 143(3) read with section 153C of the Act. The assessee received another notice in the name of Rajendra Kumar Jain Prop. Prop. Sri Shaw Rajendra Kumar Bhawarlal Bankers, D.No. 5-1-83, Suryaraopet, Main road, Kakinada under section 153C(1) read with section 153A(1)(b) of the Act and the assessment is completed under section 143(3) read with section 153C of the Act dated 30/12/2010. Subsequently, penalty under section 271AAA was initiated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear in which the search was conducted. The assessee was issued one more notice under section 153C read with section 153A(1)(b) . Accordingly, assessment was completed under section 143(3) read with section 153C of the Act by making addition of ₹ 6,86,400/- as unexplained investment in pawn broking business. The assessee carried the matter in appeal before the ld. CIT(A) and the ITAT, where the order passed by the Assessing Officer has been confirmed. Subsequently, the Assessing Officer has initiated the penalty proceedings under section 271AAA of the Act and also imposed penalty of ₹ 68,460/-. The main argument of the learned counsel for the assessee is that once assessment order is passed under section 143 read with section 153 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be quashed. Accordingly, we quash the penalty order passed by the Assessing Officer under section 271AA. Thus, this ground of appeal filed by the assessee is allowed. ITA No. 81/VIZ/2017 12 In this case, notice under section 153C of the Act was issued to the assessee to complete the assessment and the assessment is ultimately completed under section 143(3) read with section 153C of the Act. Subsequently, a notice under section 271AAA was issued and penalty is levied. The ld. CIT(A) confirmed the order of the Assessing Officer. In view of our decision in above case, we quash the notice issued by the Assessing Officer to initiate the penalty proceedings under section 271AAA of the Act. Accordingly, appeal filed by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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