P R SUDEEP,ALATHUR vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, THRISSUR

In the result, the assessee’s appeal is dismissed

Bench: Shri Sanjay Aroraand Shri Manomohan Dasp.R. Sudeep Dy. Cit, Parakkal Bharath Gas Agencies Central Circle Bank Road, Alathur Vs. Thrissur Palakkad 678541 [Pan:Axsps7870B] (Appellant) (Respondent) Assessee By: Shri K.V. Venkitaraman, Ca Revenue By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing:13.09.2023 Date Of Pronouncement:27.09.2023 O R D E R Persanjay Arora, Am This Is An Appeal By The Assessee Against The Confirmation Of Penalty Under Section 271Aab Of The Income Tax Act, 1961 (‘The Act’)For Assessment Year (Ay) 2014-15, Levied Per Order Dated 28.6.2017, In First Appeal By The Commissioner Of Income Tax (Appeals), Kochi-3 [Cit(A)], Vide His Order Dated 01.01.2021. 2. The Assessee’S Case Before Us & The Only One At That, Was That The Penalty Is Not Maintainable As Its Initiation, Upon Expressing Satisfaction In Its Respect In The Assessment Order Dated 27.12.2016, By Issue Of Show Cause Notice U/S. 274 Of Even Date, Is Bad In Law Inasmuch As It Is Qua Penalty U/S. 271(1)(C), No Longer Applicable For Search Cases, I.E.,01/7/2007 Onwards & Not As U/S. 271Aab Of The Act, Where The Search Is Initiated On Or After 01/7/2012 & For Which We Were Taken By Sh. Venkitaraman, The Learned Counsel For The Assessee, Through Sections 271 And271Aab Of The Act, As Well As The Impugned Notice (Pb Pg. 24).

section 271(1)(c) in the order of assessment and the notice dated 27.12.2016 be read as reference to s.271AAB. This was followed by a fresh notice u/s. 271AAB dated 26.5.2017 (copy on record), and the passing of the penalty order on 28.6.2017. 3.2 Our first observation in the matter is that the order u/s. 292B