Dismissing the appeal of the revenue the Tribunal held that ; the penal provisions of S.271(1)(c) cannot be invoked in cases where action under S. 132(1) was initiated after June 1, 2007. ( AY. 2008-09)
ITO v. Trishul Enterprises (2018) 61 ITR 386 (Mum) (Trib)
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 –Where search initiated on or after 1st June , 2007 , simultaneous penalty u/s 271(1)(c ) cannot be levied [ S. 271(1)( c) ]