Shri Umesh Saboo vs. Dy. Commissioner of Income-tax, Central Circle-2, Jaipur

Parties Involved

Facts Summary

The assessee, Shri Umesh Saboo, is an individual with income from salary, house property, business, and other sources. A search and seizure action was carried out on 28.07.2016 at his residential and business premises. He filed his return of income for the assessment year 2016-17 on 30.09.2016, declaring a total income of Rs. 8,96,630/-. Following a notice under section 153A, he filed another return on 24.03.2017, declaring a total income of Rs. 1,18,96,630/-. The Assessing Officer imposed a penalty of Rs. 33,00,000/- under section 271AAB(1)(c) of the Income Tax Act, 1961, which the assessee appealed against. The Commissioner (Appeals) dismissed the appeal, leading to the current appeal before the Tribunal.…

Legal Issues

• 1. Whether the penalty imposed under section 271AAB(1)(c) is void ab-initio as no satisfaction was recorded for initiation of penalty proceedings.
• 2. Whether the penalty imposed under section 271AAB(1)(c) is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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