Penalty u/s 271(1)(b) or 272A(1)(d) for initial AY was upheld and for remaining six AY’s was deleted

Dimki Hemang Jhaveri Vs ACIT (ITAT Surat)

Conclusion: Penalty for initial assessment year i.e., assessment year 2012-13 was sustained and for remaining assessment years i.e., 2013-14 to 2018-19 penalties levied either under section 271(1)(b) or 272A(1)(d) were deleted as AO considered a single default for initiation and levying penalty for default on a single occasion, but levied penalties in all years was not justified.

Held: Search action was carried out on residential premises of assessee. Several incriminating documents were found and se

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