SHRI ARUN AGRWAL,JAMSHEDPUR vs. DCIT CENTRAL CIRCLE-2, JAMSHEDPUR

ITA 193/RAN/2017Status: DisposedITAT Ranchi11 January 20192 pages
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What did the Tribunal hold?

The Tribunal held that the lower authorities erred in imposing the penalty as it was not based on any specified material prescribed in Section 271AAB Explanation clause (c). Penalty provisions are to be strictly interpreted.

What were the facts?

The assessee's appeal challenges a penalty imposed under Section 271AAB of the Income Tax Act for the assessment year 2013-14. The penalty was based on the assessee's disclosure during a search operation.

What were the issues?

Whether the penalty under Section 271AAB was correctly imposed without reference to specified material as required by the Act.

Which sections of the Income-tax Act were involved?

Section 271AAB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RANCHI BENCH, RANCHI

Before: Shri S.S.Godara & Dr. A.L. Saini

PER BENCH:- This assessee’s appeal for assessment year 2013-14 arises against the Commissioner of Income Tax (Appeals)-3 Patna’s order dated 31.07.2017 passed in case No.143/CIT(A)-3/PAT/15-16 involving proceedings u/s 271AAB of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused

2.

The assessee’s three substantive grounds raised in the instant appeal challenges both the lower authorities’ action imposing sec 271AAB penalty of Rs.11,26,500/-. We sought to know during the course of hearing as to whether the impugned penalty is based on any specified material prescribed in u/s 271AAB Explanation clause (c) of the

The order continues below.

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