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| The Tax Publishers2019 TaxPub(DT) 8152 (Chen-Trib) : (2020) 203 TTJ 0650 INCOME TAX ACT, 1961
Section 271AAA
Where the previous year had ended before the date of search and the date of filing of return of income under section 139(1) had also been expired before the date of search then the provisions of section 271AAA have no application.
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Penalty under section 271AAA - Applicability - Date of filing return of income under section 139(1) expired before the date of search -
Assessee was engaged in carrying on construction and real estate business. AO imposed penalty under section 271(1)(c) on the undisclosed income found during the course of search. However, CIT (A) directed the AO to levy penalty at the rate of 10% on such undisclosed income of the assessee under section 271AAA. Held: The date of filing the return of income under section 139(1) had already expired and much after that the Department had initiated the search action under section 132. And, since the previous year had ended before the date of search and the date of filing of return of income under section 139(1) had also been expired, the provisions of section 271AAA have no application.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 271(1)(c)
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