Dismissing the appeal of the revenue the Tribunal held that the provision of S. 271AAA of the Act were not applicable to assessee since said provision were applicable to cases where search was conducted under S. 132 of the Act and no search was carried out at premises of assesse. Further from the perusal of assessment order it was evident that assesse had surrendered income, in section 271AAA for non-levy of penalty under said provisions. (AY. 2012-13)
DCIT v. Jainco Developers Pvt. Ltd. (2018) 64 ITR 458 / 52 CCH 575 (Delhi)(Trib.)
S. 271AAA : Penalty-If no search has taken place in premises of assessee – All conditions laid down fulfilled–Deletion of penalty is held to be justified. [S. 132, 153C]