Section 132, 271 of Income Tax Act, 1961—Penalty u/s 271(1)(c) or 271AAA— In the instant case, revenue is in appeal against the order of CIT.

The AO levied penalty u/s 271(1)(c). On appeal CIT held that at the relevant time, no penalty under Section 271(1)(c) could have been levied where Section 271AAA was applicable. He, therefore, modified the penalty order and, instead of penalty under Section 271(1)(c), he imposed penalty under Section 271AAA.

Held that—it is evident that Section 271AAA is an overriding provision and which is applicable where the search has been initiated under Section 132 on or after 1st June, 2007 but before the 1st day of July, 2012. in our opinion, learned CIT(A) rightly held that in this case, penalty was leviable under Section 271AAA and not under Section 271(1)(c). Similar view has been expressed by the ITAT, Delhi Bench in the case of Ashwani Kumar Arora (supra) relied upon by the learned counsel.[ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-25, NEW DELHI VERSUS M/S SAVIOUR BUILDERS PVT. LTD.] [2019] 12 ITCD Online (22) [ITAT DELHI]