Held that in the entire penalty order, the Assessing Officer did not record his satisfaction. There was no legal basis for sustaining the charge of undisclosed income found during the course of search and accordingly, there was no justifiable and legal basis for levy of penalty under section 271AAB of the Act. The Commissioner (Appeals) had rightly deleted the levy of penalty under section 271AAB. (AY. 2013-14)
Dy. CIT v. Sel Manufacturing Co. Ltd. (2023)101 ITR 674 (Chd) (Trib)
S. 271AAB : Penalty-Search initiated on or after 1st day of July 2012-Statement on oath-Undisclosed Income-Conditions-Admission in statement recorded during search not the sole criteria-A.O. not recording satisfaction-No legal basis for sustaining charge of undisclosed income-No basis for levy of penalty. [S. 132, 132(4)]