DCIT Vs. Jainco Developers Pvt. Ltd. (ITAT Delhi)
A perusal of the assessment order shows that no search had taken place in the case of the assessee on 19th0ctober, 2011 and the assessment was completed by issuing notice u/s 153C of the I.T Act. We, therefore, find merit in the arguments of the ld. counsel for the assessee that the provision of section 271AAA are not applicable to the assessee since the said provision as applicable to cases where search has been conducted u/s 132 of the I.T. Act, 1961. We find the Assessing 0fficer in the instant case has recorded his satisfaction for initiation of penalty u/s 271AAA and thereafter levied penalty u/s 271AAA. We find in the assessment order, the A.0 has categorically mentioned in Para 3 of the order that the assessee company has declared the amounts surrendered as miscellaneous income under the head income from other sources. A perusal of the assessment order shows that the assessee has surrendered the income, explained the manner in which it was earned and has paid the taxes due thereon. Therefore, the assessee has fulfilled all the conditions laid down in Section 271AAA for non-levy of penalty under the said provisions. Even otherwise also, it is an admitted fact that no search has taken place in the premises of the assessee and, therefore, provisions of Section 271AAA are not at all applicable. In view of the above discussion and in view of the detailed reasoning given by the Ld.CIT (A) on this issue, we do not find any infirmity in the same. Accordingly, the order of the Ld.CIT(A) is upheld and the grounds raised by the Revenue are dismissed.
