Return was filed in pursuance of notice u/s. 153C. Considering the various incriminating material the AO made the additions and also initiated proceedings for imposition of penalty under S 271AAA of the Act .Dismissing the appeal of the Whether since no search and seizure operation under section 132(1) was carried out in assessee’s case, initiation of penalty proceeding under section 271AAA by Assessing Officer was held to be invalid. (AY. 2008-09)
DCIT v. Velji Rupshi Faria. (2018) 172 ITD 445/ 172 DTR 137 / 196 TTJ 812(Mum.)(Trib.)
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – As there was search proceedings against the assesee initiation and levy of penalty is held to be in valid. [S. 132, 153C]