Section 271AAB penalty not imposable if no Search Conducted on Assessee

ACIT Vs Clean Coal Enterprises Pvt. Limited (ITAT Kolkata) A perusal of Section 271AAB would reveal that it is applicable where search has been initiated under section 132 of the Income Tax Act. It is pertinent to observe that in the Scheme of Income Tax Act, if a search is being conducted upon the assessee and incriminating material was found, then notice under section 153A of the Income tax Act would be served inviting the assessee to file return of his income. However, during the course of search, if any incriminating material belonging to some other person than the searched person was foun...