Penalty u/s 271AAA not tenable where no search conducted

Brief of the Case ITAT Delhi held in the case DCIT vs. M/s. Sam India Abhimanyu Housing that the AO initiated the penalty proceedings u/s 271AAA when the present assessee is not covered u/s 132 i.e. search conducted on the Assessee. The assessee is covered only by survey u/s 133A as such initiation of penalty proceeding u/s 271AAA is not legally tenable, so AO erred initiating action under section 271AAA. Facts of the Case The assessee firm was developing a housing project in Noida Extension. During the course of search and seizure operation carried out on Sam India Builtwell Private Limited &...