Section 271(1)(c) penalty cannot be imposed instead of Section 271AAA

BLK Lifestyle Ltd. Vs ACIT (ITAT Delhi) Assessee contends that the penalty in the instant case has been initiated under Section 271(1)(c) of the Act whereas the case of the assessee clearly falls under Section 271AAA of the Act applicable at the relevant time. The assessee thus contends that the whole proceedings under Section 271(1)(c) culminating in imposition of penalty of Rs.3,00,880/- is void ab initio and requires to be struck down being appose to the Scheme of the Act. As noted, a search was carried out on 19.02.2008, i.e., during the currency of Financial Year 2007-08 relevant to Asses...