Dismissing the appeal of the Revenue the Court held that\u00a0 since the search was conducted on September 3, 2014, i. e., after July 1, 2012 the assessee\u2019s case was covered by section\u00a0271AAB\u00a0and the Assessing Officer should have initiated proceedings and levied penalty under section\u00a0271AAB(1)(c)\u00a0and not under section\u00a0271(1)(c). On the date of search the due date to furnish the return for the assessment year 2014-15 had not expired and the assessee had furnished the return on November 30, 2014. The assessee had not admitted any income in the statement recorded under section\u00a0132(4)\u00a0nor had paid any taxes on the admitted income. Therefore, the case of the assessee was not governed by section\u00a0271AAB(1)(a)\u00a0or (b) but fell under section\u00a0271AAB(1)(c)\u00a0where the minimum penalty prescribed is 30 per cent. and maximum penalty is 90 per cent. of undisclosed income. Whether incriminating document was found or not was immaterial since the law mandated that the penalty if any should have been levied under section\u00a0271AAB. There was no infirmity in the order of the Tribunal affirming the order of the Commissioner (Appeals). (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-No incriminating document seized during search-Penalty Could be imposed only under Section 271AAB and not under section 271(1)(c). [S. 132, 153A, 271(1)(c)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39221","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-acB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39221"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39221\/revisions"}],"predecessor-version":[{"id":39222,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39221\/revisions\/39222"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}