In absence of search Penalty u/s 271AAA cannot be levied

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 initiati...