The Tribunal dismissed the appeal filed by the Department against the order of the CIT(A) deleting the penalty of Rs. 79,16,580 levied by the A.O. for the AY 2012-13 u/s. 271(1)(c) of the Act in respect of the addition of Rs. 2,44,00,000 made on account of bogus purchases, which was deleted in quantum appeal, on the ground that the penalty had been levied u/s. 271(1)(c) of the Act instead of section 271AAA .(AY .2012-13)
Dy. CIT v. Becon Constructions P. Ltd. (2023)104 ITR 74 (SN)(Delhi)(Trib)
S. 271(1)(c): Penalty-Concealment-Search-Search initiated on or after 1st June, 2007-Bogus purchases-Penalty in search cases cannot be levied u/s. 271(1)(c) for AY. 2012-13 .[S. 271AAA]