January 2019

Section 271AAA r.w.s 132 and 153C Where no search and seizure operation u/s. 132(1) was carried out in assessee's case, initiation of penalty proceeding u/s. 271AAA by Assessing Officer was invalid.

Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
Chartered Accountants

21.  [2018] 196 TTJ 812 (Mumbai Trib.) DCIT vs. Velji Rupshi Faria ITA No.: 1849/Mum/2017 A.Y.:  2008-09 Dated: 31st August, 2018

           

Section 271AAA r.w.s 132 and 153C Where no search and seizure operation u/s. 132(1) was carried out in assessee's case, initiation of penalty proceeding u/s. 271AAA by Assessing Officer was invalid.

 

FACTS


The assessee was an individual and stated to be the key person pursuant to a search and seizure operation u/s. 132(1) of the Act in certain business concerns. The Assessing Officer (AO) initiated proceedings u/s. 153C of the Act against the assessee. Pursuant to the notice issued u/s. 153C of the Act, the assessee filed its return of income. During the assessment proceedings, the AO referring to the incriminating material found in course of search and seizure operation made a number of additions. While completing the assessment, the AO also initiated proceedings for imposition of penalty u/s. 271AAA of the Act. And then passed an order on 13th March 2014.

Aggrieved by the assessment order, the assessee preferred an appeal to the CIT(A). The CIT(A) after considering the submissions of the assessee and having found that search and seizure ope

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